registering of change in partners


co had 3 partners A , B & C . C retired frm patnership and D took his place but this agreement was not registered. now d also wants to retire how do i go about it

 
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Advocate

non registration does not make ur parnerhip invalid so just normally exit the said parner from the firm provided all these provisions are there in the partnership deed.

 
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LAWYER AT BUDHIRAJA & ASSOCIATES SUPREME COURT OF INDIA

i do agree with my friend.

 
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Lawyer

do exit through written instrument and all the liabilities and other gains must be settled to avoid any trouble.

 
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Advocate

Exit must also be accompanied with public notice, so that no third party liability arise after retirement from partnership.

 
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Lawyer

This is a case of Reconstitution of the partneship firm and does not need registration. But the public notice should be given according to section 72 of the partnership act so that the retired partners will not be held liable for the acts of the firm against the third party.

 
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Lawyer

Forum Moderator

 Also make note of the following sections regarding intimation to the Registrar about reconstitution and the penalty for failure to do so.


63. RECORDING OF CHANGES IN AND DISSOLUTION OF A FIRM. 





When a change occurs in the constitution of a registered firm, every incoming, continuing or outgoing partner, and when a registered firm is dissolved, every person who was a partner immediately before the dissolution, or the agent of every such partner or person specially authorised in this behalf shall, within a period of 90 days from the date of such change or dissolution, given notice to the Registrar of such change or dissolution, specifying the date thereof; and the Registrar shall a record of the notice in the entry relating to the firm in the Registrar of Firms and shall file the notice along with statement relating to the firm filed under section 59. 





(1A) Where a change occurs in the constitution of a registered firm, all persons, who after such change are partners of the firm, shall jointly send an intimation of such change duly signed by them, to the Registrar, within a period of 90 days from the date of occurrence of such change and the Registrar shall deal with it in the manner provided by section 61.





(2) RECORDING OF WITHDRAWAL OF A MINOR. 






When a minor who has been admitted to the benefits of partnership in a firm attains majority and elects to become or not to become a partner, and the firm is then a registered firm, he, or his agent specially authorised in this behalf, shall within a period of 90 days from the date of his election, give notice to the Registrar that he has or has not become a partner, and the Registrar shall deal with the notice in the manner provided in sub-section (1).


69A. PENALTY FOR CONTRAVENTION OF SECTION 60, 61, 62, OR 63. 





If any statement, intimation or notice under sections 60, 61, 62 or 63 in respect of any registered firm is not sent or given to the Registrar, within the period specified in that section, the Registrar may, after giving notice to the partners of the firm and after giving them a reasonable opportunity of being heard, refuse to make the suitable amendments in the records relating to the firm, until the partners of the firm pay such penalty, not exceeding ten rupees per day, as the Registrar may determine in respect of the period between the date of expiry of the period specified in sections 60, 61, 62 or as the case may be, 63 and the date of making the amendments in the entries relating to the firm. 




 

 
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LAWYER AT BUDHIRAJA & ASSOCIATES SUPREME COURT OF INDIA

Respected Prakash Sir,


I bow my head before u. Rally ur knowledge shows that u r very hard working person.


Sir, I want 2 tell u something that till today I had never taken any type of help from any lawyer. I've learnt from books bcoz my opinion was that seniors don't help to juniors, but u wash my mind.


Can I say u Boss?


 

 
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Retired

 In a Deed of Retirement, certain partners retired and were given certain immovable properties as their share. This happened in Bangalore. Does this deed require payment of stamp duty an registration under Karnataka law without which it will not be accepable as evidence in a court and deed cannot ne enforced.

Any comments?

 

 
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