Partnership Deed
Debashis Mandal
(Querist) 01 May 2011
This query is : Resolved
Respected Experts
If a Partnership deed of a running partnership business is lost & no copy of such deed exist then what to do - does the Partnership business is automatically desolve - again that deed was registered through Notary Public, but not registered under partnership act then can such notary help us in this regard or not
Thanks
Debashis Mandal
Devajyoti Barman
(Expert) 01 May 2011
You must understand that partnership is nothing but an completed contract between the partners.
Now an agreement can be executed either in writing or in verbatim.
So in your case the verbal agreement was put to writing which has been lost.
So the partnership is very much in existence though to remove any future dispute over its terms and conditions you are advised to execute another partnership agreement in writing where do not fail to mention that the with its execution the earlier one has ceased to exist.
Guest
(Expert) 01 May 2011
if the deed was not registered with the partnership act than no second xerox copy you have in to existence if, the notary who registered the deed is having a copy than you can take that again attested and if the notary does not have than you have to execute a new one and the older will be ceased automatically
Parveen Kr. Aggarwal
(Expert) 01 May 2011
Mr. Debashis Mandal,
A partnership deed is always executed in duplicate. So, if you have lost one copy of the deed, you must be having the second copy of deed. It may be with your C.A. or Advocate who drafted the deed.
In case you are not having any of the copies, you may execute fresh deed of partnership mentioning therein the date of commencement of partnership and loss of previous deed.
Guest
(Expert) 02 May 2011
The words "no COPY of such deed exist" in the question indicates that there was a deed but not available. If any such deed existed, a deed for closure of business and separation from partnership will have to be executed.
malipeddi jaggarao
(Expert) 02 May 2011
I agree with Experts Devajyuoti, Sachdev Bishnoi and Parveen Aggarwal.
Anil Kumar-Advocate
(Expert) 02 May 2011
Dear Mandal,
I have gone through the valuable advice given to you against your problem by various expert.In continuation, I would like to take this opportunity to advice that please verify the record available with the Notary. If you fail, the record must be with the PAN issuing authority from where you may obtain the copy. As far dissolution is concern- the law does not permit any thing automatically.If the deed of partnership has been lost- First you file a FIR with the concerned P.S. enclosing an affidavit furnished by all the partners. On the basis of that FIR, obtain a report of the Police/CJM , thereafter while drafting afresh deed of partnership-mention that fact in the preamble of the Deed of Partnership and then put all the terms and condition of the Deed of partnership. Get it Notarised or registered as you like.This will work as good as the earlier one which has been lost. Good luck.
