Partner retirment

Suhandh Rengaraj (Querist) 06 November 2016 This query is : Resolved
I'M RUNNING A BUSINESS WITH FOUR PARTNERS,NOW THREE OF THEM WANT TO GO OUT FROM THE FIRM.WHAT IS THE PROCEDURE TO REMOVE THEM. PARTNERSHIP DEED IS NOT REGISTERED IN ANY REGISTERED OFFICE.

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Kuummaar AS (Expert) 06 November 2016
FOR PARTNERSHIP AT LEAST TWO PERSONS ARE NECESSARY.

Dr J C Vashista (Expert) 07 November 2016
The partnership shall stand dissolved if 3 out of 4 partners resign.

It is stated to be unregistered partnership, there is no legal impediment if 3 out of 4 partners leave the company of 4th one.

Rajendra K Goyal (Expert) 07 November 2016
Partnership at present need to be dissolved.

Can continue business as proprietorship.

or can introduce new partner and continue business in new partnership.

adv.bharat @ PUNE (Expert) 07 November 2016
Agreed with expert opinion.

DR.VEDULA GOPINATH (Expert) 08 November 2016

Let the remaining partner nominate or sponsor another person as partner first.

Later the three partners can quit.

Rectification deed to be prepared.

Accounts to be finalised on a given date. Let the outgoing partner be settled their capital as well as good will, if any.

Rectification deed be intimated to the registrar of firms or fresh deed partnership can be written and get it registered with Registrar as well as ITO
cs dr vedula gopinath advocate/arbitrator

Rajendra K Goyal (Expert) 13 December 2016
May proceed as advised by the expert DR.VEDULA GOPINATH.

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