What is Addition of Partner?
- In Partnership Firm when existing partners wants to add new partner into there Firm is called as Addition of Partner. A new deed of Partnership is need to be draft for addition of partner. Points to be taken care about new partner is Capital Introduced by him, Profit sharing ratio, Duties and liability of new partner, etc.
Who is Retirement/ Deletion of Partner?
- When any one or more partner of firm wants to leave firm it is Retirement/ deletion of Partner. A new Partnership Deed is need to be draft at the time of Retirement/ deletion. Points that required to be consider on Retirement/ deletion is Sharing in Asset of Leaving Partner, Sharing of profit of leaving partner, etc.
What is Addition and Retirement of Partner?
- When one New Partner is to be add to firm along with that one of existing partner leaving the firm is an addition & retirement of partner. A new deed is need to be form specifying addition of new partner as well as retirement of existing Partner. Point need to be consider at that time is Sharing and rights of New partner, Retiring Partner and existing partners.