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Partnership

(Querist) 25 June 2012 This query is : Resolved 
Sir, Please guide,

ABC is Partnership Firm (Service Tax No. 123), there were 2 Partners 'X' & 'Y'. "Y" retired from Partnership Firm, they made Dissolution of Partnership Deed on 15.5.2012. Now "X" wants to introduce or take new Partner i.e. "Z" in the same Firm.

What should "X" do?

Thanks
A V Vishal (Expert) 25 June 2012
The firm is dead, X has to float a new firm.
Adv.R.P.Chugh (Expert) 25 June 2012
Endorse what has been said above.
Parveen Kr. Aggarwal (Expert) 25 June 2012
For constituting a firm, at least two partners are required all the times. Once it is discontinued, the firm dissolves and it cannot be a continuing entity afterwards. However, a new firm can be constituted as suggested by A. V. Vishal.
DR.VEDULA GOPINATH (Expert) 26 June 2012


1. cancel the dissolution deed with written consent of outgoing partner.

2. Induct the new partner before the outgoing partner exit.

3. take the resignation of the outgoing partner.

4. thus out of 3 partner one partner resigned and two partners carry on the business as firm.

dr vedula gopinath
R Trivedi (Expert) 26 June 2012
You stated that dissolution Deed was made. This dissolution would have stated that which partner would keep the name and goodwill of the firm and what will be the constitution of the firm.

Most likely that single partner, would be running the firm under the same name as the proprietorship firm. The retiree partner will have no bar now.
A V Vishal (Expert) 26 June 2012
Dr Gopinath,

Can you please enlighten me the procedure to cancel the dissolution deed. Secondly what if the registrar of firms has already been intimated about the said dissolution what is the procedure to be adopted in such cases since the name is already struck off from the register.
varun mathur (Expert) 26 June 2012
the earlier firm is dissolved. execute fresh partnership deed
JANAK RAJ VATSA (Expert) 26 June 2012
since the name of the firm has already been scored out of the register, only option left is to constitute a new partnership firm
M V Gupta (Expert) 26 June 2012
On the dissolution of the firm, if X is carrying on the business, he is doing so as sole proprietor. Hence if he wants to induct a new person as his partner X will have to execute a new partnership deed. Dont follow the route of cancellation of dissolution deed, as it has already come into force.
Heena Khurana (Expert) 27 June 2012
if the dissolution deed has already been with the Registrar, then go for new partnership deed by starting a new firm ..


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