Question
We are three partners in a supermarket business. We intend dissolving the partnership. What is the Shariah's procedure for dissolution of a partnership?
Answer
The Shariah's procedure, like all its procedures, is quite simple. Declare the partnership dissolved. Take immediate stock to assess the financial status of the business. Then divide the assets in terms of the shareholding of the partners. If each one is a third shareholder, for example, then each one will receive one third of all the assets, i.e. one third of the stock, one third of the equipment, one third of the cash, one third of the outstanding debts, one third of the vehicles, etc. The assets may also be sold and the cash divided.
- Source
- themajlis.co.za
- Published in
- The Majlis Vol 21 No 06
- PDF page
- 3
Appears under Questions and Answers (approximate).