Partnership agreement validity
(Querist) 02 November 2011
This query is : Resolved
WHAT IS THE POSITION OF A PARTNERSHIP AGREEMENT (REGD.BEFORE THE REGISTRR OF SOCIETIES) WHEN ONE PARTNER FAILS TO CONTRIBUTE HIS CAPITAL TO THE PARTNERHSIP FIRM, OUT OF 2 PARTNERS. WHETHER THE PARTNERSHIP SURVIVES EVEN AFTER THE FAILURE OF THE SAID PARTNER FAILING TO PAY UP HIS CONTRIBUTION EVEN AFTER 2 YEARS AFTER THE AGREEMENT WAS ENTERED INTO? IN SUCH A CONTEXT WHETHER THE DEFAULTING PARTNER IS ALSO LIABLE TO REPAY THE BANK DEBTS RAISED BY THE PARTNERSHIP FIRM ?
(Expert) 02 November 2011
yes even whether they given capital or not but the partners are agreed and signed in the deed and came to agreement.
As per the agreement he is liable. if any clause mentioned for remedy or exemption then it may..
(Expert) 21 April 2014
As per sec 13(f) of partnership Act "partner shall indemnify the firm for any loss caused to it by his willful neglect in the conduct of the business of the firm."