RETIRING PARTER'S RELINQUISH DEEP

Querist : Anonymous (Querist) 07 September 2010 This query is : Resolved
Dear Sir

A partner (Mother)has retired from the partnership firm & new partner(Son) has joined the partnership firm. The continuing parter is also the family member.Retiring parter had 55% of profit ratio in the business.

Without releasing the rights by the mother, can the firm can give guarantee to other company for any borrowings. Or can the firm lease out the primises which were in the name of the firm while setting up he firm. If not, whether this relinquish deed is to be regestered ?
Please explain ? And give some detailed reference??

Follow Query

Report Abuse