Hi Experts, A is a partner in ABCD &Co partnership firm and A holds 50% of the share. B, C and D has balance 50% and they are not ready to share the Financials of the firm with A. Does A has option to recover the Balance sheet and P&L of his firm for the previous years from Income tax or in any other legal way ? (If A files civil suit with court , it may take long time and he don't wish to file case in court )
Also, A want to dissolve the partnership firm by giving notice in writing as per section 43 of Partnership Act, but other parties are not responding to the notice. Can he forward the notice and his concerns to the registrar of firm without filing civil suit. A fears that the other parties are not paying taxes hence there may be a huge penalty in future and he want to safeguard his share of assets in the firm. Any suggestions to dissolve the firm without much time delay ?
Dear Mani
Mr.A can visit the court and the partnership can be ended by the order of court in following circumsatnces:
Partner of Unsound Mind
Browse more Topics under Indian Partnership Act
Incapacity of Partner
Misconduct by Partner
Breaching of Agreement
Transfer of Share by Partner
Losses or
Any Other Just Cause
