Counsel
Ask an expert!
Legal, accounting and compliance advice from qualified professionals.
1. In this case, if the 2nd partnership deed is signed by all the partners and it’s stated on the deed that it’s an amendatory deed to the earlier made partnership deed, then it is valid. In any other case, it’s not valid.
2. The added partners can file suit against partnership firm when they have valid proof that they are a ...
Wazzeer Professional Network
ProfessionalA Partnership firm registered with 8 Partner and there difference ratio of Profit and loss. All partners appointed two members of them for Signature authority to the operation of bank accounts and other legalization. After one month firm purchased a Land/ Property on behalf of Firm with there 8 members of the registered deed. later two-month new partnership deed makes and added 2 members in the firm, the name, and style same as . and Share effect only two partners of the First deed. there was a change in signature authority also.But the second deed was not registered, reason because not satisfactory payment by an added new partner, again decided to return back the token money by an affected partner to added new partner and that was done. later one year the land sale out by a firm with there 8 partners ( with Registered partnership deed). signature authority. and purchaser paid money By bank Draft/cheque.on favor of Firm. Signature authority Pay some amount to newly added Partner account by deduction in the share of One partner only.
Q.1. Is second partnership deed valid OR Not? Q.2. Can Add new partner suit against partner OR Firm.OR go to Arbitration? Q.3. Can they Claim for any share in the property and Share in Profit in Firm? Q.4. Is Signature authority has right, to pay any share of profit and property of firm to a new partner? and any right to deduct partners share and profit in the property. Q.5. can signature authority with Partner has right to make a Resolution against one partner of the Registered Firm( First Deed), without informing him, Q. 6. Is there is no need to sign of partner in the Balance sheet of the firm? if signature authority goes for Froud/cheating.
-
Wazzeer Professional Network
Professional1. In this case, if the 2nd partnership deed is signed by all the partners and it’s stated on the deed that it’s an amendatory deed to the earlier made partnership deed, then it is valid. In any other case, it’s not valid.
2. The added partners can file suit against partnership firm when they have valid proof that they are a partner of the firm.
3. They cannot claim any share in profit as the money has been returned to them by the partnership firm.
4. No, the signature authority does not have any right either to pay any share in the property of firm to new partners not to deduct partners share and profit in the property.
5. No, the signature authority with Partner does not have right to make a Resolution against one partner of the Firm without informing him.
6. The balance sheet of the firm has to be signed by the partners of the firm, in case the signature authority does some cheating or fraud then, in that case, all partners together can pass a resolution stating the name of the person whose signature will not be valid for any matter of partnership firm.
I think it would be best for you to hire your Wazzeer to have an expert handle the case while you could stay focus on core business.
over 4 years ago
View answer
A Partnership firm registered with 8 Partner and there difference ratio of Profit and loss. All partners appointed two members of them for Signature authority to the operation of bank accounts and other legalization. After one month firm purchased a Land/ Property on behalf of Firm with there 8 members of the registered deed. later two-month new partnership deed makes and added 2 members in the firm, the name, and style same as . and Share effect only two partners of the First deed. there was a change in signature authority also.But the second deed was not registered, reason because not satisfactory payment by an added new partner, again decided to return back the token money by an affected partner to added new partner and that was done. later one year the land sale out by a firm with there 8 partners ( with Registered partnership deed). signature authority. and purchaser paid money By bank Draft/cheque.on favor of Firm. Signature authority Pay some amount to newly added Partner account by deduction in the share of One partner only.
Q.1. Is second partnership deed valid OR Not? Q.2. Can Add new partner suit against partner OR Firm.OR go to Arbitration? Q.3. Can they Claim for any share in the property and Share in Profit in Firm? Q.4. Is Signature authority has right, to pay any share of profit and property of firm to a new partner? and any right to deduct partners share and profit in the property. Q.5. can signature authority with Partner has right to make a Resolution against one partner of the Registered Firm( First Deed), without informing him, Q. 6. Is there is no need to sign of partner in the Balance sheet of the firm? if signature authority goes for Froud/cheating.
-
Wazzeer Professional Network
Professional1. In this case, if the 2nd partnership deed is signed by all the partners and it’s stated on the deed that it’s an amendatory deed to the earlier made partnership deed, then it is valid. In any other case, it’s not valid.
2. The added partners can file suit against partnership firm when they have valid proof that they are a partner of the firm.
3. They cannot claim any share in profit as the money has been returned to them by the partnership firm.
4. No, the signature authority does not have any right either to pay any share in the property of firm to new partners not to deduct partners share and profit in the property.
5. No, the signature authority with Partner does not have right to make a Resolution against one partner of the Firm without informing him.
6. The balance sheet of the firm has to be signed by the partners of the firm, in case the signature authority does some cheating or fraud then, in that case, all partners together can pass a resolution stating the name of the person whose signature will not be valid for any matter of partnership firm.
I think it would be best for you to hire your Wazzeer to have an expert handle the case while you could stay focus on core business.
over 4 years ago
Looking to hire a professional from our handpicked community?
Explore our services, submit your request and let us do the rest for you.