Dissolved Partnership
Daksh
(Querist) 03 August 2010
This query is : Resolved
Dear All,
In an ongoing Partnership concern the differences crop amongst the partners and without any formality they parted way. There was a bank account in which they were both joint signatory the whole of the amount has been appropriated by one partner alone. Now after a gap of more than two years if one of the partner comes to seek legal advice on the subject (as there is nothing in writing previosly to avoid any unpleasantness from the other partner and statutory authorities).
Best Regards
Daksh
c n vittal rao
(Expert) 03 August 2010
generally a partnership is deemed to be a going concern until dissolved in the manner enumerated in indian partnership act of 1882 abscence of a deed of dissolution implies partnership is still continuing here gap of time is not important but if the partnership is rgisterd as per the partnership act he can sue the partner for his lawful share if the partnership is unregistered only remedy is to sue for dissolutin and rendition of acoounts which in my opinion is maintainable on the limited facts stated by you
