Loading...
I am a partner in a partnership firm. The partnership is at “WILL” these are two of the clauses in the partnership deed !! DURATION OF FIRM: - That the duration of the partnership shall be at will, Duration of firm : acc to partnership act 1932 ARBITRATION: - That if during the continuance of the partnership or at time afterwards any dispute touches the partnership business, constitution, relations among themselves arise the same shall be referred to two arbitrators who shall be appointed by the partners with mutual consent and whose decision shall be binding upon all the partners including him otherwise, the provisions of Arbitration Act shall govern all such dispute. Can I dissolve the firm or consent of other partners is also required ? Can they invoke Arbitration clause ?
Yes, you can dissolve the firm at will, even if the partnership deed states that the duration of the firm is at will. This is because the Indian Partnership Act, 1932, gives every partner the right to dissolve the partnership at any time. To dissolve the partnership, you must give your partners written notice of your intention to dissolve the firm. The notice should state the date on which you intend to dissolve the firm. For further enquiry Contact us on helpline number.