I want to exit from the partnership firm with only two partners
16-May-2023 (In Startup Law)
Myself Shashi Kumar,me and My partner started a business few months back.i don't wanna continue with him anymore as I have some personal issues and also trust issues with the person.Our agreement is five years but it's been just 8 months We didn't have any exit strategy planned for disolution of partnership.We can serve a notice for a period of 2 months before leaving.our firm is going in profits.can I sell my share of 28% to any other investors??how can I quit the agreement without loosing my investment of 12lakhs
The partnership deed will have clauses regarding selling of your share and withdrawing from partnership so that you can exit with your investment along with share of profits. If your Partnership Deed is silent regarding the above. then you can enter in an MoU with your partners. As regards to your share and selling thereof, your partners will likely have first preference of purchase. The partnership deed has to be examined first.
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