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can a person with positive capital take over in partnership company
01-Dec-2023 (In Corporate Law)
Hi, There are 5 partners in a company. 1 is already dead. 1 has around +250000 capital in company. other 4 has negative capital figures. Now, the one who has positive capital want to take over. Is there any way? if any way is there, we can talk.
In Partnership firm, the process is either retiring of partner voluntarily or death, dissolution of partnership.
The negative capital is breach of partnership firm terms (assuming that each party during partnership have agreed to bring in some capital) and notice for breach and demand for requisite capital in the firm is the right of partner who are having positive balance.
Demand of dissolution and then negotiate the terms of dissolution and then either take over by virtue of settlement of dissolution wherein positive generating partner can pay-off the settlement and take over all the assets and liability of the firm.
The negative capital is breach of partnership firm terms (assuming that each party during partnership have agreed to bring in some capital) and notice for breach and demand for requisite capital in the firm is the right of partner who are having positive balance.
Demand of dissolution and then negotiate the terms of dissolution and then either take over by virtue of settlement of dissolution wherein positive generating partner can pay-off the settlement and take over all the assets and liability of the firm.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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