cpc

partnership


Sir,

A & B are the partners in a partnership firm having banking firm account in X, Y and Z and operational for over a year

'A' retires from partnership and brings in C, D, E and F as incoming partner. However, new bank account opened in a bank 'DB' and all A, C, D, E and F signs the documents in this bank for account operation and loan.

Existing bank account in X, Y & Z is unchanged where only A & B are still a partner and account being operated by both of them. In case of partnership dispute including loan, does so called retired partner 'B' automatically shares dispute with other partners. What are the disadvantages of the retired person not updating operating bank account and still operating old account.

Thanks sir,

 
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