pashyanti (legal manager) 03 April 2012

Sale of shraes by the partners

Dear Experts,

one partnership firm has 10 partners, out of which one partner is desirous to retire from the firm, other 2 partners want to sale the half share to the new admitting partners and 7 partners admitted to the firm.

The partnership deed has no such provision for admission or retirement or sale of shares by the partners. shall I assume the same? Whether I treat it as a retirement and admission deed?

I need a draft for the same. Pls. provide me the same or else convey me the website where I can find the draft. I searched a lot on net, but no use.

Whether the Limited Liability Partnership firm becomes partner in partnership firm?

Regards

Pashyanti

Reply Follow

3 Replies

A V Vishal (Advocate) 03 April 2012

In matters not touched upon by the deed you can refer to the provisions of Indian Partnership Act

Rajesh Hazra (Mediator and Legal Counsel ) 03 April 2012

Dissolution of Partnership is the only mode. You have to draft a new Partnership Deed with the new partner.

pashyanti (legal manager) 04 April 2012

Dear Vishal sir,

Thanks for the reply.

I've checked the provisions of partnership act, but it can't explain in details about the retirement & admission procedure.

Dear Rajesh sir,

Thanks to you also. only one partner is retires from the firm and the other 9 partners are same. Out of these previous partners, one partner sold his half share and additional 7 persons are admitted as new partners.The new partners introdue some amt. as initial capital in the firm & the same will be repaid to the retired partners and the partner who sold his half share against their principal capital in the firm.

The previous partners doesn't want to create new firm, but they treat it as a supplementary deed.

I'm not able to draft the above things, pls. provide me the draft.

Thanks.

Regards

Pashyanti