Right and Duties of Partners after Change in the firm sectin17 - The Partnership Act 1932

Indian Partnership Act 1932 - CA Foundation
Right and Duties of Partners after Change in the firm sectin17

A change may take place in the constitution of the firm in one of the four ways, namely,
- Where a new partner or partners come in
- Where some partner or partners go out, i.e., by death or retirement
- Where the partnership concerned carries on business other than the business for which it was originally formed
Where the partnership business is carried on after the expiry of the term fixed for the purpose.

1. after a change in the firm
Where a change occurs in the constitution of a firm, the mutual rights and duties of the partners in the reconstituted firm remain the same as they were immediately before the change, as far as may be;

2.after the expiry of the term of the firm
Where a firm constituted for a fixed term continues to carry on business after the expiry of that term, the mutual rights and duties of the partners remain the same as they were before the expiry, so far as they may be consistent with the incidents of partnership at will; and

3. where additional undertakings are carried out
where a firm constituted to carry out one or more adventures or undertakings carries out other adventures or undertakings are the same as those in respect of the original adventures or undertakings.

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