Incoming Partnership – Mixrootmods

According to Sec. 31 of the Indian Partnership Act, keeping in view the provisions of the existing agreement (deed) and the provisions of Sec. 30 of the Indian Partnership Act, no person could be made a new partner in the firm

unless the remaining partners are willing to the proposal. But if the deed of partnership provides for admission of any despite the opposition from other partners, new person could competent or experienced person as a partner, in such a case be admitted as a partner. A minor, after attaining majority, if he so desires, may remain to be a partner even without the notice about his desire to do so.

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Rights and Liabilities of New Partner

1.The new partner shall not be liable for any of the firms’ acts, before his having become the partner.

2.If the new entrant has made any contract in this matter, his rights and liabilities shall be determined on the basis of the agreement.

3.In absence of agreement, the new partner’s rights and liabilities shall be similar to those of other partners.

Outgoing Partner

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In the following situations, the partner could separate himself from the firm:) a

(1) Retirement of Partner- The firm’s partner may
seek retirement from the firm. For this, it is essential that

(i) the other partners of the firm are agreeable or willing;

(ii) if the partnership is at will, the concerned partner may detach himself from the firm after serving a written intimation.

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(2) Expulsion of Partner-Sec. 33 of the Indian Partnership Act provides that no partner could be expelled even by a majority of the partners, except where the rights have been granted by the agreement. Thus, the general rule is that no partner could be expelled by the other partners for any reason. The liabilities and rights of such partners shall be the same as in case of the retirement.

(3) Insolvency of Partner- From the date when some partner is declared insolvent, he doesn’t remain to be the firm’s partner. If there is such an agreement among the part-ners that even after becoming insolvent, the firm shall not be dissolved, then from the date of such declaration, the property of the insolvent partner shall not be liable towards the acts done by the firm nor would the firm be liable or compelled for the acts, which have been done by him after his having been declared as insolvent.

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(4) Death of Partner- It is the common rule that on
the death of a partner, the firm is dissolved, but if there is the provision in the partnership agreement that even after the death, à partnership will not end, then the remaining parthers may continue to run the partnership firm. But in such a case, the property of the deceased shall not be liable for the acts done after his death.

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Related

That’s great news! Congratulations on your incoming partnership. Partnerships can be exciting opportunities for growth and collaboration. Whether it’s a business partnership, a strategic alliance, or any other form of collaboration, partnerships can help you expand your reach, access new resources, and tap into new markets.

To ensure a successful partnership, it’s important to establish clear goals and expectations from the beginning. Clearly define the roles and responsibilities of each party involved and ensure that there is open and effective communication throughout the partnership.