Partnership firm

This query is : Resolved

ravi (Querist)
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03 December 2015 there were two partners in a partnership firm. one of the partner expired. after 3 days of his death the wife of the deceased partner was added as a partner. my query is does the partnership dissolve on death of the partner and a new firm is created. or does the old firm continue and it is treated as reconstitution? An immediate and appropriate reply would be highlt appreciated. thanks in advance.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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03 December 2015 The partnership stands dissolved on the date of death of the partner.

ravi

ravi (Querist)
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03 December 2015 thanks for your immediate response sir. does it mean that after the new partner entering a new firm is created? new pan and tan and all such requirements are to be fulfilled again?

CA CS Jainam Shah

CA CS Jainam Shah (Expert)
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04 December 2015 Yes your old partnership stands dissolved. Hence you cannot add new partner in the old firm. You have to create new partnership deed with his wife and you have fulfill all the requirements for creating new partnership.

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