RETIRING PARTER'S RELINQUISH DEEP
Querist :
Anonymous
(Querist) 07 September 2010
This query is : Resolved
Dear Sir
A partner (Mother)has retired from the partnership firm & new partner(Son) has joined the partnership firm. The continuing parter is also the family member.Retiring parter had 55% of profit ratio in the business.
Without releasing the rights by the mother, can the firm can give guarantee to other company for any borrowings. Or can the firm lease out the primises which were in the name of the firm while setting up he firm. If not, whether this relinquish deed is to be regestered ?
Please explain ? And give some detailed reference??
Uma parameswaran
(Expert) 09 September 2010
The querry is not in a state of understandable.
