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Partner quitting business so can another partner take over
23-May-2023 (In Property Law)
Hi, We are 3 partners running resort business with equal share. Now one of the partner is quieting the business so can another partner take one more share so the profit sharing will be 75:25. what will be the process.
It is rather impossible to provide you with the most appropriate answer without going through your partnership deed. However generally in a partnership one partner is permitted to have a greater share than the other partner and as such there would not be a problem if you take over the retiring partner's share unless the same is prohibited under your deed of partnership.
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Adv. Salil Saudagar
Goa | 25+ Answers
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