Partnership
hari sri chunduru
(Querist) 13 October 2012
This query is : Resolved
is there in partnership act or company act that the liability of interse partners(within the partners) is joint and severally in unregistered partnership what is the supreme court of India judgements or any other high courts
ajay sethi
(Expert) 14 October 2012
please dont aise academic queries . please state facts of your case . for judgements of supreme court /high court visit indian kanoon website
Sivadas Chettur
(Expert) 14 October 2012
The liability of partners is not limited and are answerable to the debts of the firm with a right to demand contribution from other partners.
Ms.Nirmala P.Rao
(Expert) 14 October 2012
Dear Client,
From legal safety point of view registered partnership firm and the partners therein repay in proportion to their investment in the firms business to creditors; but, in case of unregistered firms, the solvent partners first pay up the creditor\s as their liability is unlimited and then claim contribution from other partners, who've not paid.They can be proceeded against personally also by the creditors of the firm if the firms property is not sufficient to satisfy their debts as liability is joint and several and unlimited in case of unregistered partnership firm. In case of unregistered firm, if the other partners are not solvent, then the partner, who is solvent is solely liable to the creditors of the firm, whether he'd be able to recover his contribution from others or not.
Ms.Nirmala P.Rao
Legal Expert
V R SHROFF
(Expert) 31 October 2012
please dont aise academic queries . please state facts of your case . for judgements of supreme court /high court visit indian kanoon website
