You are viewing the translated version of The Assets Of The Firm Shall Not Be Divided.
Section 38
The Assets Of The Firm Shall Not Be Divided
Despite any agreement between partners no assets of the firm shall be divided between/among the partners without paying the debt of the firm.
Partnership Act, 2020 (1964
Chapter - 2
Section 5: Firm To Be Registered In The Record Of The Concerned DepartmentSection 6: Matters To Be Set Out In An Application For The Registration Of Afirm And Fees For RegistrationSection 7: Name Of The FirmSection 8: Issuance Of A Certificate After Registration Of A FirmSection 9: No Need To Register Previous FirmSection 10: Approval Required To Change The ParticularsSection 11A: Concerned Department May Seek ParticularsSection 11B: Power To Cancel Registration
Chapter - 3
Section 12: Mutual Relation Of PartnersSection 13: Assets Of PartnershipSection 14: Use Of Property Of The PartnershipSection 15: No Compulsion For Additional CapitalSection 16: No Substitution Of PartnersSection 17: Every Partner May Participate In The BusinessSection 18: Entitlement To Have Access To And To Copy Of The Account Andbooks Of The FirmSection 19: Remuneration And InterestSection 20: Profit Derived By The Partner To Be The Property Of FirmSection 21: The Amount Paid By The Partners Shall Be Mentioned In TheaccountSection 22: Share Of Profit And LossSection 23: No Entitlement To Profit
Chapter - 5
Section 29: Dissolution Of A Firm (partnership)Section 30: Dissolution By NoticeSection 31: Firm May Be Dissolved At Any TimeSection 32: After The Expiry Of The Term The Firm Shall, Ipso Facto, Be DissolvedSection 33: Firm Shall Be Dissolved ImmediatelySection 34: Liability To Be Fulfilled Towards The Third PartySection 35: Participation Through AttorneySection 36: Continuing Authority Of Partners Even After DissolutionSection 37: Mode Of Settlement Of Account Between PartnersSection 38: The Assets Of The Firm Shall Not Be DividedSection 39: Appointment Of LiquidatorSection 40: Appeal