Partnership deed vs unregistered Deed, Singning authority
A Partnership firm registered with 8 Partner and there difference ratio of Profit and loss. All partners appointed two member of them for Signature authority to operation of bank accounts and other legalization.
After one month firm purchased a Land/ Property on behalf of Firm with there 8 member of registered deed . later two month new partnership deed make and added 2 member in firm, the name and style same as . and Share effect only two partner of the First deed. there was a change in signature authority also.But second deed was not registered , reason because not satisfactory payment by added new partner, again decided to return back token money by effected partner to added new partner and that was done.
later one year the land sale out by firm with there 8 partner ( with Registered partnership deed). signature authority. and purchaser paid money By bank Draft / cheque.on favor of Firm.
Signature authority Pay some amount to new added Partner account by deduction in share of One partner only.
Q.1. Is second partnership deed valid OR Not ?
Q.2. Can Added new partner suit against partner OR Firm.OR go to Arbitration ?
Q.3. Can they Claim for any share in property and Share in Profit in Firm ?
Q.4. Is Signature authority has right, to pay any share in profit and property of firm to new partner.
and any right to deduct partners share and profit in property.
Q.5. can signature authority with Partner has right to make a Resolution against one partner of the Registered Firm( First Deed), without inform him,
Q. 6. Is there is no need to sign of partner in Balance sheet of firm ? if signature authority go for Froud/cheating.