Re - constitution of partnership busniess

Goapl Garg (Querist) 21 February 2016 This query is : Resolved
I am a partner of 33% share in aprtnership firm with two other partners with same ratio shares.The firm is owners of two separate commercial buildings in two different areas.the two separate building yields rents and their accounting is separately maintained with separate bank accounts and the accounts are merged in common accounting at year end for all statutory compliances.I am opting out from my share of one building and shall continue to maintain my share in second building and rest two partners shall be 50%- 50% owners in respect of the building from which i am retiring and we all three shall remain equal partners as earlier for the second building.
we are getting different opinions for formalisation, but we have been given an advice by one of the expert that we should reconstitute the partnership deed only making/incorporating the new systems transparently and the same firm shall continue in its present form with new agreed rights, raitos, and it will entail minimumm formalities. We also like it but only need to be assured about its legality to avoid any issue later on.
We also seek advice if the experts offer any alternative.We are approaching this forum as we have always found its opinion as a safety net and reassuring.

Please opine..

Follow Query

Report Abuse

Guest (Expert) 21 February 2016
Although a commercial query, yet I may confirm that the expert has already advised you aptly.

Devajyoti Barman (Expert) 21 February 2016
take professional help of local lawyer.

Adv. Yogen Kakade (Expert) 22 February 2016
There is no need of reconstitution of your partnership deed.. as there are no issues in the basic formation of your partnership firm.. you can mutually decide the terms to be amended and pass a resolution or make a supplementary agreement.

Adv. Yogen Kakade
Jurycon Incorporation
Advocates & Consultants
Email: juryconincorporation@gmail.com
Web: www.juryconn.in Call: 020-65248888

Rajendra K Goyal (Expert) 22 February 2016
You can dissolve the old partnership and constitute another.

or

Partnership firm with signatures of all three partners jointly dispose of the said
property in favor of the two partners provided no clause of the present deed is violated.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries