Procedure to retire: bussiness unregistered partnership deed

See there was deed though it was unregistered. That deed must have clause for retiring of Partner. Check the partnership deed once again. 

Yes it is mentioned. But his frined not agreeing. And asking for money.

But my brother can't afford that much amount approx 20 lakhs

though it is unregistered dispute between the partners subject to the Indian Partnership Act 1932. when one partner is disputing the issue the other partner wants to retire from the firm, he can give notice for the retirement and also he have to give public notification, then he can ask for the accounts, then the things will come under the control of the retiring partner and he can come out of the Partnership Firm.

manoj

advocate

8686159292

Thanks Manoj Sir.

We are the risk my brother can face If we are not sending any retirement Notice and coming out from Partner by oral communication or email communication.

Approach a very able LOCAL counsel/CA/CS of unshkable repute and integrity specializing in  such/Company matters and do everything properly and under expert guidance.

You may also post your query at group website of LCI; CAClubindia

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