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Need information on partnership disputes and bank CC limit
16-Jun-2023 (In Arbitration Law)
I am a partner in a partnership firm. Firm has availed CC limit from a bank. My personal guarantee is also submitted with bank. I have given notice to other partners for separation from partnership. Now other partners are freely using the CC limit. The liability is also on me for this limit. What actions can I take to stop the use of this limit. Authorization of operation of account is also with other partners.
You have to take stern actions not to be fastened by liability in a partnership. You should bring in the knowledge of other partners about your separation once again. If they continue with their actions you should file proper case in the court.
Helpful?
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Adv. Shikhar Garg
Delhi | 100+ Answers
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You will have to initiate 3 step porcedure
1- File with MCA for exiting the partnership if that is an LLP
2-Send a notice to other partners in postal medium on your letter head(if you have any) else just a normal letter with your credentials informing them of exit. There should be a time limit where you will ask them for exit
3-Inform the bank and withdraw your guarantee and the exit from firm
This was a basic advice as created on base of information you provided for more assistance get back to us. We will assist you as we have on board CA and CS
1- File with MCA for exiting the partnership if that is an LLP
2-Send a notice to other partners in postal medium on your letter head(if you have any) else just a normal letter with your credentials informing them of exit. There should be a time limit where you will ask them for exit
3-Inform the bank and withdraw your guarantee and the exit from firm
This was a basic advice as created on base of information you provided for more assistance get back to us. We will assist you as we have on board CA and CS
Helpful?
24+
24+
Advoacte Amit Kumar Singh
Delhi | 25+ Answers
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