Indian partnership act
AYUSHI JAIN
(Querist) 02 February 2016
This query is : Resolved
I have a query regarding partnership act . What are consequences of death of a partner in a partnership of 5 people ? I hereby want to ask whether any written notice is required to be given by a partner to other partners intimating them of such change . Whether partners are legally bound to intimate registrar of such change in constitution ? and what is time limit ?
I look forward for your kind and soon attention.
Thanks in advance
prabhakar singh
(Expert) 02 February 2016
Unless there is an agreement to the contrary between partners,a firm gets dissolved on death of a partner{see section 42(c)of partnership Act}.
To continue a partnership business, a fresh partnership agreement and a fresh registration would be required.
Rules of partnership are state topic,being not clear of which state the matter is,nothing can be stated about time limit but intimation is required.
kavksatyanarayana
(Expert) 02 February 2016
I agree with the advise of expert Mr.Prabhakar singh sir. however ,if all remaining partners wish to continue the firm business (if they wish they can add other partners)the remaining partners shall execute a fresh deed and be filed in the office of District Registrar. the filing of papers is the state subject, consult local registrar office.
Rajendra K Goyal
(Expert) 03 February 2016
Agree with the expert prabhakar singh.
AYUSHI JAIN
(Querist) 04 February 2016
Thank you all .
Sir please clarify if there is provision in deed that "Partnership shall continue with death of any partner unless all the partners are died"...then what further procedure is required ? Is intimation or fresh deed required ?
Firm belongs to Madhya Pradesh state .
