Death of a partner
This query is : Resolved
Palak Singhi
(Querist)
10 May 2019
Suppose in a firm of 3 partners, one partner passes away on 1st Jan, 2018. The partnership deed has a provision stating that the partnership firm shall continue even after the death of any partner. I need clarity on the following questions:
1. As on 10th May, 2019 the deceased partner is still there in my partnership deed. No changes have been made yet. Is it possible?
2. Can I continue to show the deceased partner in my partnership? If no, what should be my next step?
3. I want to implement the deceased partner's will by giving a part of his share to the other two partners and athe remaining to a new partner. How can this be implemented?
4. If out of the remaining two partners, one of the partners is not ready to sign the changed partnership deed unless the clauses are made per his will, what can be done?
1. As on 10th May, 2019 the deceased partner is still there in my partnership deed. No changes have been made yet. Is it possible?
2. Can I continue to show the deceased partner in my partnership? If no, what should be my next step?
3. I want to implement the deceased partner's will by giving a part of his share to the other two partners and athe remaining to a new partner. How can this be implemented?
4. If out of the remaining two partners, one of the partners is not ready to sign the changed partnership deed unless the clauses are made per his will, what can be done?
CA R SEETHARAMAN
(Expert)
10 May 2019
1 Not possible.
2 No, enter new partnership as per will.
3 Make new partnership as per will.
4 Yes agree to and make clause as per will no harm in it.
2 No, enter new partnership as per will.
3 Make new partnership as per will.
4 Yes agree to and make clause as per will no harm in it.
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