There is a partnership firm made up of four partners. They are engaged in some petty manufacturing work. They have lands and other assest in the name of the firm. They are doing business. This partnership has been constituted in the era of pre-1991-reforms India. This firm earns few profit here and there. The business of manufacturing is barely good enough as per domestic standards let along world class foreign firms. The only thing that is keeping a business like this from going under is the protectionist shield provided by the socialist policies of the State. After a while, two partners resigned from the firm, and therefore a fresh partnership…