My mother wants to end partnership in firm
Shivika Jain
(Querist) 03 July 2016
This query is : Resolved
My mother, age 58 years is diabetic and not keeping well.She wants to withdraw all her money from our family firm.My youngest uncle who lives in a different city looks after our family business is not willing to give the money. Kindly suggest what could be done at the earliest
R.K Nanda
(Expert) 03 July 2016
Contact local lawyer.
adv.bharat @ PUNE
(Expert) 03 July 2016
Your mother can resign from the firm.
She need to give public notice in local news paper within 15 days of her resignation. Then she will get her contribution from other member.
Sudhir Kumar, Advocate
(Expert) 04 July 2016
I will agree with Adv Bharat. But I will add that since you have felt need to come to this forum on this small issue it appears that peaceful negotiations have failed and you are getting nothing out of court.
Further any liability /loss incurred in partnership can be enforced upon any single member. It is practically possible for a partner to create huge debts on the firm an vanish or be vulnerable for recovery by creditors. In such case the credits can make a soft target partner to pay the entire dues irrespective of his/her participation.
That way your uncle can cause you to be on road irrespective of the fact whether or not you are earning anything (if partnership exist on paper)
So if trust is no more there the partnership has to be ended.
Kumar Doab
(Expert) 04 July 2016
Your able counsel can help you further.
Rajendra K Goyal
(Expert) 04 July 2016
Try to have amicable settlement and end the partnership.
Dr J C Vashista
(Expert) 10 July 2016
I agree with experts, your mother should resign and seek settlement through a prudent local lawyer.
