Partnership firm -regarding
Kiran
(Querist) 04 May 2015
This query is : Resolved
Dear Sir, I am working for a partnership firm as manager. The two of the partners want to exit from the firm and their relative wants to continue business on the same firm name.
I am assigned to know the procedure to do so, I request your good self to kindly advise me how to go about it.
Firm Regd on : 2013 December.
Look forward to hearing from you sir,
Regards,
Kiran
bsrao
(Expert) 04 May 2015
First - go through the process of admission of at least two partners from the relative's side. After the admission process is complete, go ahead with the retirement of currently existing partners from the partnership. This way, the partnership would be the same, with changed partners.
Rajendra K Goyal
(Expert) 05 May 2015
He can take over the business and can continue as proprietor with the same name terms agreed on taking over. Later he can turn the firm to partnership.
Otherwise if he want to continue as partnership with the same name and style, he can introduce two partners and later retire the existing partners.
ajay sethi
(Expert) 05 May 2015
agree with mr bs rao
