Mathu Sudhan (Business) 18 November 2014

Liablity of a partner when he gets out of the partnership

Dear All,

i started a bpo company by entering into a partnership with a person. now due to soured relationship of the person i decided to exit the partnership firm and leave the company to him.

we had taken 10lakhs loan in a bank in the firm's name for which i also signed being a partner. i had given 6lakhs more from my personal prospects for the business.

now my questions are..

1. what is the proper way to exit the partnership

2. what paper work should i prepare the 6 lakhs money which i had given already

3. is it possible to be completely relieved from the loan which we had taken from the bank

being not much experienced i am deeply confused. some one please provide me a solution.

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3 Replies

Advocate Kappil Cchandna (Expert Bail & Criminal Defence Lawyer at Delhi Supreme Court of India) 18 November 2014

Dear, Draft a dissolution deed mentioning,every detailed fact and proceed further..... Kapil chandna adv, 9899011450

Mathu Sudhan (Business) 20 November 2014

Originally posted by : Kapil Chandna
	Dear, Draft a dissolution deed mentioning,every detailed fact and proceed further..... Kapil chandna adv, 9899011450

thank you very much for replying kapil chandna sir..

but as you said if a dissolution deed is drafted and all details including the loan availed also included in it, will it serve as a valid document for coming out from the loan availed in the name of the business..?

Marimuthu (Proprietor) 26 November 2014

After execution of Deed, necessary forms with deed has to be filed with the concerned Registrar of firms, and send notice to bank and Tax authorities along with Deed reg dissolution of firm. A public notice may be given in a local newspaper stating that the said firm does not exist.Consult a local lawyer for this