Indian partnership act, 1932
SHEKHAR AGARWAL
(Querist) 19 July 2021
This query is : Resolved
In a partnership of 4 partners (partnership is at will), 3 of the partners have received notice by one of the partner that the firm will be dissolved from 31st July?
Should they reply to the notice?
What are the legal remedies available to them if they want to continue the firm?
*Partnership deed is notarized and not registered
kavksatyanarayana
(Expert) 19 July 2021
The partnership deed registration is optional. Any amendment or dissolution shall be by mutual consent or the majority of the partners' vote. They should inform him to meet at the Firms' office to discuss dissolving the Firm. They shall execute a Dissolution of Partnership Deed on the stamp papers as per State rules prescribed.
Dr J C Vashista
(Expert) 20 July 2021
The partnership is at will and unregistered hence any one of partners opting out can leave it, in this case other partners may continue after settlement of accounts.
It is not necessary to reply the notice given by "outgoing" partner.
It would be prudent to give wide publicity qua intention of the outgoing partner so that any stakeholder against such partner may submit his / her claim.
Advocate Bhartesh goyal
(Expert) 20 July 2021
Partnership at will means any partner may at any time leave the partnership by giving notice to other partners and demand settlements of accounts.On such a notice to other partners, partnership firm deemed to be dissolved and remaining partners may continue the partnership firm by executing new partnership deed.No requirement to reply notice of outgoing partner.
P. Venu
(Expert) 20 July 2021
Yes, the remaining partners can reconstitute the firm.
