The Incorporated Private Partnerships Act, 1962
Section 41: (1) If, on any partner ceasing to be a partner in the firm there is only one surviving or continuing partner of the firm the surviving or continuing partner shall, within six months of the cessation, either,
(a) admit another member or members into partnership in the firm; or
(b) commence to wind up the firm in accordance with section 47 or 48 of this Act.
(2) Subject to any express agreement relating to the passing or acquisition of the interest in the firm of a partner who ceases to be a partner and the admission in his place of any new partner, the provisions of subsections (3), (4) and (5) of this section shall apply when any partner ceases to be a partner and whether there is one or more than one, surviving or continuing partner of the firm.
(3) Within six months after a partner has ceased to be a partner in the firm the surviving or continuing partners shall either,
(a) admit into partnership in the firm the person or persons (in this section called the successors) who shall have acquired or agreed to acquire or succeeded to the interest in the firm of such former partner; or
(b) purchase the interest in the firm of the former partner at a price to be determined in default of agreement by a single arbitrator appointed by the parties or, if they cannot agree upon an appointment, nominated by the President for the time being of the Association of Accountants in Ghana; or
(c) commence to wind up the firm in accordance with section 47 or 48 of this Act.
(4) If the successors shall be admitted into partnership in the firm in accordance with paragraph (a) of the immediately preceding subsection they shall be deemed to have become partners in the firm in the place of the former partner as from the date when he ceased to be a partner.
(5) If the surviving or continuing partners elect to purchase the interest of the former partner or to wind up the firm, the amount payable to the former partner, or his successors, in respect of his interest shall, as between himself and the firm in the absence of agreement to the contrary, be deemed to be a debt due from the firm as at the date of his ceasing to be a partner and shall carry interest therefrom at the rate of five per centum per annum.
Procedure to Follow
1. Applicant may purchase and complete Form A for Incorporation of Partnership from the in-house bank or Download
2. Provide stamped Partnership agreement at Land Valuation Board
3. Submit filled forms at the Partnership Registration Counter for Verification and Capturing or via Online
4. Pay processing fee of GHS160.00 at the in-house bank or via Online
5. Registrar Examines, Approves & Issues Certificate of Incorporation As well as CERTIFIED TRUE COPY(CTC) of Form B
6. File Annual Returns at Fifty Ghanaian Cedi(GHS 50) together with Audited Account...
Responsible Institution
- Email: info@rgd.gov.gh
- Website: https://www.rgd.gov.gh
- GPS: GA-143-4647
- Telephone: +233 302 664 691-93
Relevant Forms to Download
Not Available
Online System
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Fees/ charges
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