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The partnership deed is an agreement between two or more persons sharing the profits of a business carried by all the parties. Reconstitution deed of partnership firm is a deed which is executed when partners decide to change the existing agreement. Hence, ending up the existing agreement and execution of a new agreement to change the relationship among the members of the partnership firm. The reconstitution deed is drafted when there is a change in profit sharing ratio among the partners, retirement of a partner, death or insolvency of a partner or the admission of a new partner.
NEED OF RECONSTITUTION DEED OF PARTNERSHIP FIRM
1. Profit Sharing Ratio:
When the partners decide to change the profit-sharing ratio due to their change in roles, change in capital contribution, etc., the deed of reconstitution of a partnership deed is executed.
2. Admission of a new partner:
A new partner can be admitted in the business when a firm requires additional capital or managerial help. As per the Indian Partnership Act,1932, a new partner can be admitted unless the provision is specified in the partnership deed. The new partner gets the right to share the assets of the firm and the right to share the future profits of the firm.
3. The Retirement of a partner:
A partner may decide to retire from the firm due to various reasons such as bad health, change in nature of business of a firm. The retirement of a partner leads to the reconstitution of the firm where the counts of the partner change along with the profit-sharing ratio and capital contribution ratio. The retiring partner is paid his goodwill, revaluation profit or loss and share of capital.
4. Insolvency or Death of a Partner:
Insolvency or death of partner results in the reconstitution of the firm where the remaining partners wish to continue the firm. In case of death, all dues are paid to the legal heir of the deceased partner.
Why Legato?
Connect with a Legal Expert easily Legato is your one stop destination with everything related to legal. It empowers you with access to a network of verified lawyers providing their services at all costs. Moreover, our dedicated Case Follow-Up Manager will assist and update you with the progress.
Verified lawyer network Our network for 1000+ verified lawyers will not only assist you with your case but update you and advise you with things to do & not to do.
Quick results Once, the legal expert is finalized, you are ready for quick action related to your work. Majority of the lawyers will share a time estimate of what to expect moving forward.
You need to select one of the Lawyers considering your case category and profile of the Lawyers. Once you are sure with the Lawyer, you need to select call option given in the profile page of the Lawyer, in the website as well as in the mobile app. After selecting the call option,the time slot needs to be selected, and payment needs to be made for confirmation of the call consultation. At the selected time our system shall connect you and Lawyer We have half an hour time slots placed for every call consultation and after said time slot selected call shall automatically get disconnected.
Kindly make sure that you keep all information and documents about the matter handy before the time of call so that to avoid any delays.
In an event where you miss the call at the selected time, our system shall dial-in the call again after 5 minutes as a second attempt. In case of failure of the second attempt,the system shall try after another 5 minutes as a third attempt.
After the failure of the third attempt, you need to contact our support team (contact details shared on the website) so that they can talk to respective Lawyer, and reschedule the time of the call.
In such an event you can contact our support team (contact details shared on the website), and they shall be assisting you as quickly as possible in completing your call.
Yes, they are diligently verified. For your ease, we have mentioned their bar council number as well so that their identity can be checked from Indian Bar Council.
Definitely yes. We are using high-end technology and SSL certificates to secure data. In addition to this,we are using AWS secured cloud storage together with 256-bit encryption. Further, we are using Paytm as our payment gateway, which is highly secured as per legal standards.
We are using high-end technology and SSL certificates to secure data. In addition to this,we are using AWS secured cloud storage together with 256-bit encryption.
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