Where a change occurs in the constitution of a firm?

Hamid K says:Dear Sir,Thanks for the informative article. I have a query.A partnership firm constituted in Mumbai. In between 2 men partners was made in 1964. The firm is registere

Where a change occurs in the constitution of a firm?

Hamid K says:

Dear Sir,

Thanks for the informative article. I have a query.

A partnership firm constituted in Mumbai. In between 2 men partners was made in 1964. The firm is registered.

Profit sharing ratio is 50:50

First Partner wants to retire by taking a sum of rupees 6000000/- second partner wants to admit his son by paying 6000000/- to the first partner

Second partner paid to first partner a sum of rupees 4000000/- and remaining 2000000/- second partner bond to pay within one month after the first payment made that is 4000000/-,

but this was not happened and balance payment was not made till date first payment of Rs 4000000/- made some were in feb 2009

In Dec 2009 first partner expire leaving behind. 1) One widow 2) two Son 3) one daughter.

and a company is having a plot of 50000 sq ft in the name of partnership firm (Note. company was not in function from the begining of registration till the date)

please advise what is the procedure to solve the above issue and bring the widows name instead of his husband name in the property.

and dissolve the partnership firm

Looking forward to advise from your side.
Thanks and regards

Hamid K.ReplyNovember 3, 2014 at 12:28 pm

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