Need advice on joining a partnership.

[Brightanika1447]

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Brightanika1447
PARTICIPANT
March 26, 2025 at 3:28 pm

I’ll be joining a partnership company that is already in debt. Will I assume the responsibility for the debt when I join?

“It is a partnership company. In this type of partnership the partners are fully liable for the firm’s debts”

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[Swiftgirish7560]

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Swiftgirish7560
PARTICIPANT
March 26, 2025 at 3:45 pm

Partners contribute in different ways to avoid any confusion you must sign a written contract which will have everything related to your contribution and responsibilities towards past liabilities.

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[Brightanika1447]

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Brightanika1447
OP
March 26, 2025 at 3:51 pm

Hey, thanks for the reply.

So, what you’re saying is lenders(banks) can’t come after me if I get the partnership deed to mention I have nothing to do with past liabilities?

Also, if you’re aware kindly let me know if it’ll affect my cibil when the company’s pan is linked with mine.

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[Swiftgirish7560]

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Swiftgirish7560
PARTICIPANT
March 26, 2025 at 3:58 pm

If agreement is done correctly your liabilities will start from the day of you joining the company as a partner. You wouldn’t be responsible for old liabilities.
Otherwise these things are not that simple to answer.

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