Retirement cum partnershiip deal


Hi All

I will be highly obliged if you can help me on this matter :-

My brother and one of his friend was in partnership within 6 months they have decided to end it and as its my brother's company so he decided to introduce new partner in company.Deed was at will and it was done at Rs 100 stamp paper, but other partner never participated in any of the activity.Company is not registered but we have service tax number, pan no.After seeing his behavior without intimating him we made new deed by introducing new partner, opened bank account.Now i want help on below mentioned pointers :-

1. Is this deed valid?

2. Other partner doesn't have any proof about partnership not even a single copy of deed, so can he take any action?

3. We have asked some agent to make the (partner name) changes in pan card but don't have confirmation of the same. So how can we get the confirmation that whether new partner's name has been changed or not.

4. Now his lawyer is asking for deed copy along with pan card detail so should we give it or not?and her lawyer is asking to make cancellation deal but if we go for cancellation deed then our company and everything will be dissolved which we don't want.

5. What is the procedure to finish it all ?please suggest the positive and negative points.

Please suggest with your kind suggestions

thanks and regards

 

    

 
Reply   
 

What is the terms and conditions of the partnership firm while it was formed?, if it contains the details as how and when it becomes dissolved or whether a new partner can be added etc., the details of which can be found in the deed itself.  Of course since the deed is not registered as per provision of law, it loses its legal status/validity.

 
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Hi Sir

Firstly thank you so much for your reply.

But if his lawyer ask for pan card and deed copy, is it favorable for us to handover both the documents? and what is the procedure to check the changed partner's names in pan card? 

 
Reply   
 
Advocate/ nadeemqureshi1@gmail.com

contact a lawyer personally with all the documents, it will be better for best advise.

 
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