In a partnership firm of 3 partners, if one of the partners resigns on one fine day, how should the settlement be conducted? I have a scenario, where one of the partners has put in his papers on 31st March 2012 and wants to take his share of the "value" of business, office properties and goodwill. But since this is a running concern , paying off the partner means taking money out off the running business or winding up the business. Also, paying off the share of office property also amounts to forced sell of the office premises to settle the monetary claim of the resigned partner. What can be done? My question is as under:
1. Does his resignation have to be accepted by other partners
2. Value of office property that he is staking a claim on, does it have to be given even before the property is sold?
3. Value of business: Should it be settled based on current value of business and his share in it, thereby digging onto the current day to day working capital of the company & thereby jeorpadising the very existence of the company?
Is there any other legal recourse for action against such sudden resignations?