This document discusses incoming and outgoing partners in a partnership group. It defines a partnership deed as the legal agreement among partners that can be written or oral. An incoming partner is a new partner joining the firm with consent of existing partners. Their rights include only being liable for transactions after joining. An outgoing partner is leaving, such as by retirement, expulsion, insolvency or death. A retiring partner can leave with consent or by notice. Their liability depends on acts before or after leaving. An insolvent partner ceases being a partner on the date of insolvency order. Upon a partner's death, the firm may continue with remaining partners.

1. INCOMING AND
OUTGOING OF A
PARTNERS
GROUP4

2. Contents
 Meaning of Partnership deed
 Incoming partner or admission of a partner
 Rights and duties of a incoming partners.
 Outgoing Partner i.e. Retirement & death of
a Partner.
 Rights and duties of outgoing partners .

3. Meaning of Partnership Deed
 The document which contains the terms of a
partnership as agreed among the partners is
called “Partnership Deed”.
 It will formed an legal agreement.
 It can be written or oral.
 It is to be duly stamped as per the Indian
Stamp Act ,and duly signed by all partners.

4. INCOMING PARTNERS
The new partner who will be joining the
partnership firm. It is also known as a Admission of
a partner.
Partners to a firm are free to develop any procedure
or understanding for inducting a new partner into
their firm.
The following rules will apply in the absence of any
agreement.

5. Rights and duties of a Incoming
partners
New partners to be introduced into an existing
partnership firm with the consent of All partners.
If there are Seniors partners they can induce new
partners.
Incoming partner is only liable for the transactions
which were made after he has joined the firm.

6. Outgoing Partner
 A partner who is going to leave a particular firm
with purposely or to he/she might be died or
expelled by a firm. Then somewhere it’s a
process of outgoing partner.
 It can be in a form of;
 Retirement of a partner,
 Expulsion of a partner,
 Insolvency of a partner,
 Death of a partner.

7. Retirement of a Partner
 By consent: A partner can be retired with a consent
of all the partners.
 By express agreement: If there is any express
agreement among the partners as to how an
outgoing partner will leave the firm then that
agreement should be followed.
 In the case of partnership at will: By Notice ;
An outgoing partner
can leave the firm by giving notice to all the other
partners of his intention to retire.

8.  Liability for the acts of the firm done before
retirements: A retiring partner remains liable
for all the acts of the firm done up to the date
of his retirement.
 Liability for the acts of the firm done after
retirements: A Retiring partner will not be able
for the acts of the firm done after his
retirement if a public notice of his
retirement has been given.

9. Expulsion of a Partner
 A Partner cannot be ordinarily expelled from the firm. However,
he can be expelled by following a prescribed procedure:
 The power of expulsion should be given to a partners by an
EXPRESS CONTRACT between them.
 The power of expulsion should be exercised by MAJORITY OF
A PARTNERS.
 The power of expulsion should be exercised in absolute GOOD
FAITH.
ALL THE CONDITIONS MUST BE SATISFIED BEFORE A
PARTNER IS EXPELLED FROM A FIRM.

10. INSOLVENCY OA PARTNER
 “When a partner in a firm is adjudicated an
insolvent, he ceases to be a partner on the date
on which the order of the adjudication is made,
whether or not the firm is thereby dissolved.”
 However, the partners may specifically provide in
their agreement that in such cases the firm shall
not be dissolved and the remaining partner may
continue the firms business.

11.  The effects of insolvency are as under sec 34(2):
 The estate of the insolvent partner is not liable for the acts of
the firm which are done after the order of insolvency.
 It may be noted that a public notice to the effect that a partner
has become insolvent is also not necessary. The fact of a
insolvency is a notice by itself.
 The firm is also not liable for any act of the insolvent partner
done after the date of the order of the insolvency.

12. Deathof a partner
 On the death of the partners, a change occurs in the
constitution of the firm if the remaining partners
continue the firm.
 However, the partners may specifically provide in their
agreement , that in such cases firm shall not be dissolved,
and the remaining partners shall continue the firms
business.
 The estate of a deceased partner is not liable for any acts
of the firm which are done after his death.
 A public notice to the effect that a partner has died, is
not necessary.
 A death of a person is also a notice by itself.

13. Thank you
VISUALIZED BY :DEEPSHIKHA SHARMA
TOPIC TARGETED TO – MANAVI
GAURI DHAWADE
MEENA
PRIYA
RUTUJA