A.
Dear Client,
The Concept of Partnership and Pvt. Ltd Company is different by virtue of its constitution and governing laws. Your query gets confused when you used both concepts to sort out a resolution to your cause. While the partnership firm is governed by the Deed of Partnership and the Partnership Act, 1932, a Pvt. Ltd Company having Directors not less than two is governed by the Memorandum of Association and Article of Association and Companies Act, 1956 as amended in 2013. And in both cases, you need to abide by the conditions of the respective constitution of the establishment/organization and the provision of governing laws. Any deficiency on your part in compliance of any condition applicable on the subject under both the constitution may make you liable to face undesirable consequences. So it is better to discuss the issue with a Corporate Lawyer to take appropriate steps to quit yourself smoothly from the prevailing situation.
Posted On 11-Jul-2023
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