surajjoshi 27 January 2015

Resign from partnership

I am resigning from a partner which is just one month old. I am been feeling not good about my relation about other members as My values and My opinion does not matter to them. I am going to resign in a day or two. I do not want to be part of their future investments.

How can I relieve my self from the liability of their future expenses and loans. What is a procedure for this. Also their is point where a partner has to inform 3 months before resign. I want to know can I resign now? Also will I be charged for the Firm Expenses for this 3 month period?

Please give your opinion.

Reply Follow

3 Replies

kavksatyanarayana (subregistrar/supdt.(retired)) 27 January 2015

you can retire from partnership deed. execute partnership deed for retirement and file Form-V before the Registrar. consult a local lawyer or consultant for parterships. it is for information only

surajjoshi 27 January 2015

Do I have to execute this Retirement Deed through a CA?

Adv S K Gupta (Advocate High Court) 03 April 2015

Well Suraj

You can retire from the partnership in the same very way you have entered in it. It means if the partnership was on WILL than you can retire, how ever you have to comply with notice period clause. If your partners dont have any problem in your retirement than the retirement notice can be made on back date.

You have to be the part of all the expenses and profit the firm till the date of retirement, your accounts will be settled as per the balance sheet of firm on the date of retirement.

You can take advice of a CA if amount is big