Hi Sir & Madam, this is for my father who's a 10% shareholding partner in a partnership firm here in Kolkata. There are 3 other partners having 40% , 40% and 10% respectively.
My father wishes to retire from the firm with the available money in his partners capital account.
So here's my questions -
1. How can we process the retirement where we can get the money in partners capital account? What if the company decides to absorb that money if they realize my father is planning to retire?
2. Since this is 10% unlimited liability partnership can our personal properties be auctioned or sold in case of a loss?
Please guide me.
Also how can I get the partnership deed from the outside? Is there a way to get the physical copy of the partnership deed by court order or anything online?
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