Procedure to retire: bussiness unregistered partnership deed


Hi All,

My Brother who has joined as a Partner with his frined with Unregistered partnership deed few months ago ( March 15th 2017 ).

My brother  does not like the way the bussines run by his frineds and he wants to retire from the Partner as well bussiness. But His partner is not leaving him.

Please suggest what to do to retire smoothly without any trouble from partner

Thanks

 
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See there was deed though it was unregistered. That deed must have clause for retiring of Partner. Check the partnership deed once again. 

 
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Yes it is mentioned. But his frined not agreeing. And asking for money.

But my brother can't afford that much amount approx 20 lakhs

 
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though it is unregistered dispute between the partners subject to the Indian Partnership Act 1932. when one partner is disputing the issue the other partner wants to retire from the firm, he can give notice for the retirement and also he have to give public notification, then he can ask for the accounts, then the things will come under the control of the retiring partner and he can come out of the Partnership Firm.

manoj

advocate

8686159292

 
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Thanks Manoj Sir.

We are the risk my brother can face If we are not sending any retirement Notice and coming out from Partner by oral communication or email communication.

 
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FIN

Approach a very able LOCAL counsel/CA/CS of unshkable repute and integrity specializing in  such/Company matters and do everything properly and under expert guidance.

 

 
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FIN

You may also post your query at group website of LCI; CAClubindia

 
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