Partnership firm

alok_pummy@yahoo.co.in (Querist) 14 May 2012 This query is : Resolved
There is a registered partnership firm having two partners. Now two of these wants to retire and two other wants to joint at the same time. Is this possible and legal.

Please guide how the deed shall be made and amount of stamp paper required.

thanks

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ajay sethi (Expert) 14 May 2012
amount of stamp paper would depnd upon stamp act of the state .

it is better to first admit 2 new partners . subseqnely deed of retirement of existing 2 partners can be made .

dont do it simultaneously

alok_pummy@yahoo.co.in (Querist) 14 May 2012
Dear Ajay sethi ji,

do mean to say time period gap between adding and retiring. How much min it should be.

ajay sethi (Expert) 14 May 2012
yes keep some time gap . keep it around 3 months or so

Suhail A.Siddiqui (Expert) 14 May 2012
first constitute new partnership with all four partners and then retired old partners otherwise,partnership will dissolve and will required to form new partnership with two partners.
Stand duty Very state to state.

B.Chakrapani Warrier (Expert) 15 May 2012
I endorse the view of Mr. Suhail A.Siddiqui.

alok_pummy@yahoo.co.in (Querist) 15 May 2012
thanks a lot to all experts.

V R SHROFF (Expert) 15 May 2012
Agree with Shri Ajay Sethi's advise 1-month gap also will do, first admit one by one, then remove one by one,

S Jadhav 98336 98330 (Expert) 15 May 2012
Please remember that you may follow whatever process, each partnership is different. i.e. whenever the partners change it is assumed to be a new partnership as per Indian Law.

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