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vikram singh (advocate)     31 October 2013

Partnership firm

a proprietory concern has availed loan in a bank now he wants to change the constitution in to partnership firm and continue the business . Now what kind of documentation the bank to get. 



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 2 Replies

Dr J C Vashista (Advocate)     01 November 2013

Get in touch with banker and engage a local lawyer

BAALASUBRAMANNYAMM (Advocate)     01 November 2013

The partnership firm, while executing a "Deed  of Partnership" should have a clause of" acceptance of liability of loan" by all the Partners and a copy of the same should be submitted to the Bank. Then, the Bank will get all the signatures of the Partners of the said firm, according to their norms. 


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