Dear Friends,
We have an interesting situation. There is firm which consisted of 4 partners. On a particular date say 1/12/2008 all the parters resigned vide a deed titled dissolution deed. In the same deed it is stated that 3 new partners will continue as partners in the same firm and all assets are accodingly transferred. They have also informed the Registrar of Firms who had entered the 3 new partners as partners and the earlier as having retired (same date as dissolution deed). There is no change in name or location of the firm.
Now the following questions arise:
- If it is possible for all the partners to retire and still handover the firm to new partners?
- Whether the firm from 1/12/08 is a new firm or simply continuation of the old firm?
- Is the firm dissolved vide the deed dated 1/12/08?
- Does the firm from 1/12/08 require fresh registration?
- What is the status of the assets (movable & immovables) held by the old partners/firm and transtrred to new partners/firm?
Iam of the view that it is simply a reconstitution of the firm and not dissolution as stated in the document. There is no transfer of assets as the properties still continue in the name of the Firm.
Please confirm if Iam correct...
