Upgrad LLM

Query on partnership deed

This query is : Resolved 

29 November 2018

Helo,my query is with regards to formation of Partnership deed in case the person wants to be a partner in partnership firm along with his family members, he has trade licence for business in his name for the same but his simultaneously working in private Ltd co. at Managerial level can he become partner in partnership firm.

H.M.PatnaikOnline (Expert)
30 November 2018

As per the query, You are free to join any Partnership firm, provided the terms of engagement in the private limited company does not prohibit you from taking up such assignment. In case ,you are a full time employee in the said company,you can not be a Working Partner in the Proposed Partnership firm.

Dr J C VashistaOnline (Expert)
01 December 2018

Joining or relieving a partner depends upon the Memorandum of Association of the firm, show it to a local prudent lawyer for proper appreciation of documents, guidance and proceeding.

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