If a partner is fired out of a firm, does he retain shares?

Business Strategist

If a partner is fired out of a firm, then does he retain his shares or is it taken by the firm itself?

 
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subregistrar/supdt.(retired)

The other partners of the Firm shall pay his share from the firm account and his share may be substituted by a new partner or any other partner if there are more than two partners.  If only two partners are there, then it will be automatically dissolved.

 
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If he doesn't do it?
 
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Online Legal Service

The terms of resignation or removal of partner depend on the clauses entered in this regards in the Partnership Deed.

As far as the question is concerned, the partners do not hold shares (as in case of Pvt co) in the firm. They are entitled to receive the profit out of the business of the partnership firm. In case of removal of Partner, a partner is entitled to receive a part of profit for the term in which he has contributed and as agreed by the partners. The share of profit can be distributed between other partners or new partner in the firm.

 
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I think if you are fired or a partner is left the partnership firm you need to change your partnership deed. you will also make online partnership deed.

 
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The terms of resignation or removal of partner depend on the clauses entered in this regards in the Partnership Deed.

As far as the question is concerned, the partners do not hold shares (as in case of Pvt co) in the firm. They are entitled to receive the profit out of the business of the partnership firm. In case of removal of Partner, a partner is entitled to receive a part of profit for the term in which he has contributed and as agreed by the partners. The share of profit can be distributed between other partners or new partner in the firm.

 
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Advocate

Any deed of the company does not empower arbitrart firing out of partner.unbelievable.

 
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