I am writing here for a partnership firm. we were 4 partners and open a firm in 2003. in the mean time we purchase a property in industrial area of rajasthan state. after some time we build a building on that property. but in year 2008 our partnership has disputed. but still the property is the part of all 4 partners and all partner are on equal stage (25% each). now i want my part from other partner means i want my 25% area or other best deal (sale ).
can i suit any case against my partners for demanding my part.
1 Answer from Attorneys
Dear Sir / Madam,
You will have to resign (retire) from the Partnership firm. As on the date of your retirement, the Accountant of the firm will have to draw up the financial position of the firm ... the Profit and Loss A/c and the Balance Sheet, along with the position of capital of each partner duly credited with the share of profit and investment in the firm. The other three continuing partners have to pay off your share in the firm. A suit against the continuing partners is not recommended at this preliminary stage.
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