Partnership act
4 years ago
I along two persons initiated a partnership firm under partnership act. This firm was a chartered accountants firm and accordingly registered with Institute of chartered accountants of India 3 years back. Accordingly all partners had right to practice and sign in capacity as partners for the firm for clients. Due to some regulations institute removed my name as partners and due to which other partners are contending that i don't hold any rights on the firm profits which was created under partnership act and even for the works conducted by me till the time I was partner as epr ICAI as well.
Query 1 : am I partner of the firm as per the partnership act even if ICAI has removed the name
Query 2: do I hold right on the money earned by firm till the time I was partner
Being a partner irrespective of your status with ICAI you are entitled for a share in profits.
Please have PAID phone call with me through VIDHIKARYA and get more guidance.
Varun Vij
Responded 4 years ago
1. If the partnership was valid and agreement exists, you are the partner for duration of the partnership till you were disqualified as partner
2. You do hold right on all acts and share in profits of firm.
Feel free to reach out for further assistance!
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