partnerships firm

Ankur Agrawal (Querist) 10 November 2014 This query is : Resolved
A partnership fir was formed with 3 partners A, B and C in 1991.The firm was reconstituted on 1 April 2012 as one partner expressed his retirement. Now the retired partner is claiming his capital .How to get rid of such claim .

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Anirudh (Expert) 10 November 2014
Are you not aware that whenever any partner resigns or retires, his accounts have to be settled? Suppose you resign from the partnership, will you go without getting your money?

Therefore, What do you mean by how to get rid of such claim? Please clarify.

V R SHROFF (Expert) 10 November 2014
a/c is settled immediately on retirement of Partner, with a Deed. it is paid .
So He cannot claim later on.

ajay sethi (Expert) 11 November 2014
you have to pay his dues , settle accounts of the retired partner

Rajendra K Goyal (Expert) 11 November 2014
Whether dissolution deed was prepared and accounts were settled at the time of retirement of the partner? If not prepare it now as on date of dissolution, pay any dues payable to him and get the settlement signed by all partners.

Advocate Bhartesh goyal (Expert) 12 November 2014
Retired partner has legal right to claim his capital alogwith the profit.

T. Kalaiselvan, Advocate (Expert) 16 November 2014
Retiring partner will be entitled to his dues as per his investment, do you plan to deprive hims of his rights? You may answer the question raised by expert Mr. Anirudh too.

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