Upgrad LLM

patner removal and addition

Hi all,


i just want to know if a company has two partners only. one of them wants to dissolve or leave the partnership and the other one wants to continue the same with a new partner, can this be done and what is the procedure. 

in case third partner is added first and later second partner can leave or it can be done in the same time or not. it is a will partnership not a contract basis one.


In a firm, if there are two partners and one partner desires to retire, at the same time a new partner has to be entered.  The continuing partner, incoming and outgoing partners have to execute a Re-constitution of Parntership deed to the previously partnershp deed with Form-V (now changed to Form-VI in some states).  It should be filed with the Registrar of Firms.  Consult for the deed be got prepared by a CA or well versed knowledge in this field.  


thank you it was a great help.




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