Counsel

Ask an expert! Legal, accounting and compliance advice from qualified professionals.

Share Details

0/200
0/1500

Your Question has been submitted.

The Counsel team is processing your question and connecting to the best suited professional from the community to have it answered. We’ll get back with an answer shortly.

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.

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 ...


View answer

Looking to hire a professional from our handpicked community?

Explore our services, submit your request and let us do the rest for you.

Get started