PARTNERSHIP
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 August 2010
I had formed a partnership firm with my friend who expired last month. Can I now enter into partnership with the heirs of my deceased partner?
15 August 2010
Where there were two partners, after the death of one, the firm will automatically come to an end. However, surviving partner may enter into partnership with the heirs of the deceased in which case that will be a new partnership firm.
15 August 2010
Yes . There is an unavoidable inference of automatic dissolution.
Citation :- CIT Vs. Seth Govindram Sugar Mills (1965) 57 ITR 510 (SC).
Citation :- CIT Vs. Seth Govindram Sugar Mills (1965) 57 ITR 510 (SC).
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