1) I was one of the four partners in a partnership firm in Delhi in 2018 2) The firm was NOT REGISTERED, it only had a partnership deed which stated the partnership was at 'will' 3) After one year of business, one partner committed fraud and the business was stopped 4) The fraud partner also stole signed undated blank cheques, for which FIR and newspaper notices were made at the time 5) The bank account of the firm has become dormant 6) All the partners do not talk to each other anymore 7) None of the partners has given any notice to each other about retirement and no newspaper notice has been given either. It has been three years. Where should I give notice about my retirement from the firm and what should I write in it? I'm afraid if I give notice now, it might falsely imply that I was still involved in the firm up till now...
Send notice to office of firm and to other partners address
2) it should mention that
I hereby give you notice under clause ...................... of the Deed of Partnership dated ......................... executed between me of the One Part and you both of the Second and Third Parts that 1 intend to retire from the partnership between us with effect from ..............................
Every partner is liable for all acts of firm, for wrongful acts of a partner and for misapplication of funds received from third parties under Sections 25, 26 and 27 of the Partnership Act. Any notice issued to general public should establish that you are retired three years back to save you from any liability against third parties for any fraud if committed by fraudulent partner. You need to draft a public notice of retirement in such a manner which states that your retirement took place before 3 years. That is the maximum you can do to avoid any legal complications.
Dear Sir,
The best would be to bring it to public notice with enough clarity that you have retired for 3 years. This could be the only way to avoid the liabilities arising out of your partnership Firm.
Thank You.
Hey,
Issue a notice to all the other partners of the firm about your retirement and send it via Registered Post Acknowledgement Due so that you will have it as a proof of receipt of notice by the other partners. Other than that, you can also publish a public notice that you had retired three years ago itself, to try and avoid complications.
A notice of retirement from partnership firm allows a partner to give notice of their intent to leave the partnership. By writing out their notice, the retiring partner will be protected from any future liabilities related to the partnership. In addition, the partnership will be protected from any future liabilities related to the retiring partner.
Section 32 of The Indian Partnership Act of 1932 defines the procedure to be followed for issuing notice:
- As per section 32(1) of the India Partnership Act, Every partner in the partnership has the right to retire as long as they give notice to the other partners.
- If the partner is retiring from a registered firm, they will need to announce their retirement in three different ways:
- Since, the said firm is not registered then the notice can be circulated after publishing in the newspaper.
- Further, you can also send a legal notice /notice to the partners that you have already retired from the firm and the notice is given through the newspapers , and hence not responsible for any dealings of the firm.
You send a notice to all your partners as well as give a public notice in newspaper
