Explution of partner
Faizel Koya
(Querist) 22 October 2011
This query is : Resolved
Firms of 4 partners, the other 3 partners had made the misrepresentations and fraud in the bank and siphon the firm’s money in cores. Can one partner can run the firm by expelling out 3 partners.
Devajyoti Barman
(Expert) 22 October 2011
No
But he can apply for dissolution of partnership in the civil court.
Sailesh Kumar Shah
(Expert) 22 October 2011
don't run!!!! face the problem. if you are true then no need to afraid. file suit u/s 44 in the civil court for dissolution of firm.
Faizel Koya
(Querist) 22 October 2011
What will be the expelled partner lien asserts of the firm. How can liquidate the firm, is there any scope to get the loyal partner to run the business of the firm .our unit is an Industry.
Devajyoti Barman
(Expert) 22 October 2011
Only after the dissolution of the firm and distribution of assets among the partners one can run such business but may be under different trade name.
Faizel Koya
(Querist) 22 October 2011
I wish to get the firm and run the business.Any scope.
Faizel Koya
(Querist) 22 October 2011
Is there any lien on asserts of the firm by expelled partners as per the law
Raj Kumar Makkad
(Expert) 22 October 2011
A Partnership firm contains 2 or more partners. After expulsion of 3 partners out of 4, single person cannot legally run the business in the name and style of partnership firm as it shall automatically get dissolved as soon as 3 out of 4 partners leave the firm.
Faizel Koya
(Querist) 22 October 2011
sir,
Of course a partnership will be min 2 persons, but in my case the other partner is cheated me. Hence the right on firm by the outgoing partner will not be considering. If I wanted to continue the firm will law permit. I don’t want to dissolve the firm. The circumstance warrant of other partners fraudulent action of other partners. I haven’t done anything wrong, will any scope to continue the firm as proprietor concern.
kuldeep kumar
(Expert) 23 October 2011
run ur new buisness either under new name or changed name no problem.but it should seem to be running by more than 2 mans otherwise no right for/agaist accrues in ur case.
Sailesh Kumar Shah
(Expert) 23 October 2011
author : Faizel Koya
1.You can't do as proprietor concern of partnership firm in present circumstances.
2.Get dissolution order from the civil court of firm.
3.Form new proprietor concern, and start same business as you want.
Faizel Koya
(Querist) 23 October 2011
it is a stone crusher unit ,getting the licence will be very difficult.I wish to get the firm and run in different name and style
prabhakar singh
(Expert) 24 October 2011
We can not dream of any partnership without a minimum existence of two.So it is your misconception you can run alone apartnership.
You are advised to file a suit of accounting and dissolution against defrauding partners.
