The Partnership Act, 1932

Dissolution of A Firm. The dissolution of a partnership between all the partners of a firm is called the “dissolution of the firm”. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | […]

Revocation of Continuing Guarantee by Change in Firm A continuing guarantee given to a firm, or to a third party in respect of the transactions of a firm, is in the absence of agreement to the contrary, revoked as to future transactions from the date of any change in the constitution of the firm.

Right of Outgoing Partner in Certain Cases to Share Subsequent Profits Where any member of a firm has died or otherwise ceased to be a partner, and the surviving or continuing partners carry on the business of the firm with the property of the firm without any final settlement of accounts as between them and the outgoing

Rights of Outgoing Partner to Carry on Competing Business. (1) An outgoing partner may carry on a business competing with that of the firm and he may advertise such business, but subject, to contract to the contrary, he may not (a) use the firm-name, (b) represent himself as carrying on the business of the firm, or (c) solicit the custom of persons who were

Liability of Estate of Deceased Partner Where under a contract between the partners the firm is not dissolved by the death of a partner, the estate of a deceased partner is not liable for any act of the firm done after his death. Practice area’s of B K Goyal & Co LLP Income Tax Return

Insolvency of A Partner (1) Where a partner in a firm is adjudicated an insolvent, he ceases to be a partner on the date on which the order of adjudication is made, whether or not the firm is thereby dissolved. (2) Where under a contract between the partners the firm is not dissolved by the adjudication of

Expulsion of A Partner (1) A partner may not be expelled from a firm by any majority of the partners, save in the exercise in good faith or powers conferred by contract between the partners. (2) The provisions of sub-sections (2), (3) and (4) of section 32 shall apply to an expelled partner as if he were a retired

Retirement of A Partner (1) A partner may retire – (a) with the consent of all the otter partners, (b) in accordance with an express agreement by the partners, or (c) where the partnership is at will, by giving notice in writing to all the other partners of his intention to retire. (2) A retiring partner may be discharged from

Introduction Of A Partner (1) Subject to contract between the partners and to the provisions of section 30, no person shall be introduced as a partner into a firm without the consent of all the existing partners. (2) Subject to the provisions of section 30, a person who is introduced as a partner into a firm does not thereby

Minors Admitted to the Benefits of Partnership (1) A person who is a minor according to the law to which he is subject may not be a partner in a firm, but, with the consent of all the partners for the time being, he may be admitted to the benefits of partnership. (2) Such minor has a