What happens when one partner leaves a partnership?

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CA Ankur Agarwal (Querist)
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03 April 2017 Kindly elaborate as to what happens when one out of 4 partner leaves the partnership.
What should the remaining partners do immediately?
Does the partnership remains or dissolves?
Kindly advise.

CA PRAVEEN SINGHAL

CA PRAVEEN SINGHAL (Expert)
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03 April 2017 It will depend upon the terms decided and mutually agreed between partners through partnership deed.
But if partnership deed is silent then the firm will be dissolved.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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03 April 2017 The clauses of the partnership deed determines the fate of the firm upon the leaving of a partner.

CA Ankur Agarwal

CA Ankur Agarwal (Querist)
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04 April 2017 What are the remedies available to the remaining partners who wish to continue?

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