Change In Existing Agreement Between Partners Is Called –
2. Where the partnership contract grants surviving or fixed-term partners an option to purchase the shares of a deceased or outgoing partner and that option is duly exercised, the estate of the deceased partner or the outgoing partner or his estate shall not be entitled to other profit shares or others; However, where a partner acting in the exercise of the option does not comply with the conditions of that option on all essential points, it shall be required to report in accordance with the provisions of this Section. This article answers some of the most important questions that come to mind when setting up or ending a business partnership. One of the fundamental rules of partnership creation is that the introduction of a new partner into the partnership society must be supported by the knowledge and agreement of the existing partners. 67. . .