Status of a partnership firm

This query is : Resolved

Raghunath T L (Querist)
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22 April 2012 Dear Sir/s

Q:1 What is the status of a firm when one of the 2 partner's in the firm renders his resignation?

Q:2 In continuation of Q:1, In case the resignation results in Dissolution of the Firm, whether the same firm can be reconstituted after a certain period say 6 months?

Thanks in Advamce. Earliest reply would be highly helpful and appreciated!!!

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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23 April 2012 Q-1. Whether the resignation has been accepted by the other partner and intimation has been given to the Banks and ROF. If not then a deed of dissolution is required to be executed.

Q-2. Yest it is better to execute a deed of admission cum retirement,