The Partnership Act does not expressly indicate that only a person who is solvent may become a partner, but Section 34 clearly states that a partner no longer exists when he is declared insolvent. According to this clause, only those who are not insolvent may join as partners.
This clause exists so that third parties’ interests are protected when they seek to assert their rights against different partners. As a result, someone who has been declared insolvent cannot join as a partner, and if they are solvent when they join, they stop being partners if and when they are declared insolvent. If you want to be a judicial officer and are looking for best RJS coaching in Jaipur, here, at Jyoti Judiciary we provide comprehensive study material to make your preparation solidified and topnotch. From preliminary mock tests, to mains answer writing sessions every material required for clearing the exam is provided. We have separate legal current affairs classes, legal general knowledge, current affairs classes all in one time enrolment. Hurry up.
