Section 30 of Partnerships Act 16 of 2012: Realization of shares of former partner (other than on winding up)

    

A person who ceases to be a partner before the break up of a partnership shall be entitled to the assets or shall be liable for any losses or obligations which he would have been entitled to or liable for, if on that date—
(a) the partnership had broken up;
(b) the partnership assets were realized for the greater of— (i) the market value of the partnership property; and
(ii) the market value of the partnership business if sold as a going concern without the partner; and
(c) the partnership assets were then distributed under section 41 or in accordance with the partnership agreement.


Disclaimer: This document is not to be taken as legal advise.

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