Death of partner

This query is : Resolved

DIVYESH JAIN (Querist)
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03 May 2019 Dear Sir,

There was a partnership firm of 2 partners in which one partner died.

There are large amount of debtors in the books of accounts of the firm.

The firm is planning to admit a new partner in the firm.

What can be done to avoid closure of bank account of the firm since there are many sales bill issued in the name of the firm and the amount is pending to be recovered.

How do we proceed further.

Regards,
Divyesh Jain

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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04 May 2019 You have to admit new partner in order to continue the partnership business , existence of business depend on admission of new partner.

DIVYESH JAIN

DIVYESH JAIN (Querist)
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04 May 2019 But what about the bank account. Can the same bank continue after admission of new partner.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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04 May 2019 Yes you can pass resolution authorised signatory to operate bank,

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