Regarding Partnership Firm.

SRY (Querist) 19 March 2010 This query is : Resolved
1)Can an existing partner start a proprietory concern with the firm name remaining same as in case of partnership ?
2) 1 partner in the firm has 10% share and 90% amongst remaining 3 partners.Can 3 partners resign from the firm if 1 partner denies to sign anywhere.Is there any alternate solutioin to this.

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Manish Singh (Expert) 19 March 2010
both these two questions depend upon the terms of the partnership deed. if the same allows you to do so, then for query 1 there shall be no problem.

2. yes if three wish to dissolve then they can dissolve the partnership firm but it depends upon the relevant clause. also check out the relevant cause in the deed.
was it at will?

Raj Kumar Makkad (Expert) 20 March 2010
I do agree with manish

Prakash Yedhula (Expert) 20 March 2010
Normally, a partner is not allowed to use the firm's name to run his own proprietorship, unless the same is permitted under the deed or any other arrangement between the partners.

If the partnership is a Partnership at will, then even one partner can seek dissolution of the firm.

SRY (Querist) 21 March 2010
Thank-you all!!!

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