Liability of legal heir of deceased partner
ummesh
(Querist) 31 July 2016
This query is : Resolved
Dear Sir..We have a partnership firm with two partners. The partnership is at will and there is equal sharing of profit and loss mentioned in the deed. The firm is at heavy loss and the property of the firm is in the name of the firm. Being legal heir of one of the deceased partner of the firm i want to understand my rights on the property of the firm and will the liability of the firms be transferred on to me. Also, can i sell the property of the firm since i belive the partnership is dissolved after death of the partner?
Kumar Doab
(Expert) 31 July 2016
You have posted that:
"the property of the firm is in the name of the firm. ..............The partnership is at will and there is equal sharing of profit and loss mentioned in the deed."
The property may first be subjected to set off the loss.
Show all docs on record to your able counsel.
Kumar Doab
(Expert) 31 July 2016
Don't repeat.
Continue on this original thread only.
Guest
(Expert) 31 July 2016
Assumption can never be a belief. Your belief should be based on some documentary evidence whether the firm is dissolved or not.
Better get the partnership deed, dissolution deed and the audited accounts of the firm examined properly by some expert to get appropriate advice.
adv.bharat @ PUNE
(Expert) 31 July 2016
please state the material fact to get guidance from the expert.
ummesh
(Querist) 31 July 2016
Respected experts..sorry for the repeated thread as i did not know the category of this case(civil,corporate or other) please take my question simply as- if the partner of the firm (of whom i am legal heir) expires am i liable to pay the debts of the firm ?
ummesh
(Querist) 31 July 2016
Respected experts..sorry for the repeated thread as i did not know the category of this case(civil,corporate or other) please take my question simply as- if the partner of the firm (of whom i am legal heir) expires am i liable to pay the debts of the firm ?
ummesh
(Querist) 31 July 2016
Respected experts..sorry for the repeated thread as i did not know the category of this case(civil,corporate or other) please take my question simply as- if the partner of the firm (of whom i am legal heir) expires am i liable to pay the debts of the firm ?
ummesh
(Querist) 31 July 2016
Respected experts..sorry for the repeated thread as i did not know the category of this case(civil,corporate or other) please take my question simply as- if the partner of the firm (of whom i am legal heir) expires am i liable to pay the debts of the firm ?
Dr J C Vashista
(Expert) 01 August 2016
Although it is an examination hall repeated question yet you may get the firm dissolved and share your assets and liabilities.
Whether the partnership comes to an end with demise of one of the partners or not is to be seen from the "partnership deed" between original partners. Whether LRs of partner(s) shall be liable for profits/losses?
Show the partnership deed to an able prudent local lawyer for appreciation of facts, guide and proceed properly.
Guest
(Expert) 01 August 2016
Also, how have ypu believed that the partnership firm of two would have been dissolved one-sided by the sole surviving partner without the consent of the heirs of the deceased?
Rajendra K Goyal
(Expert) 01 August 2016
The partnership is dissolved as on the date of death of one of the partner. Prepare accounts as on that date, set off the loss towards firm assets, get the accounts audited. Legal heirs of the deceased can be introduced as partners from this date.
Any loss after that date is the liability of surviving partner / proprietor/ new firm if constituted.
DR.VEDULA GOPINATH
(Expert) 01 August 2016
Mr Umesh
please send me a copy of partnership deed and latest account to enable me guide you further.
cs dr vedula gopinath advocate high court
vgnath@gmail.com 9866013121
