Partnership

This query is : Resolved 
 

(Querist)
26 November 2018

Can a partner, out of the only 2 partners in a partnership write a will in favour of the other partner in context of the property acquired under the name of the partnership? if not then what is the procedure?


KISHAN DUTT RETD JUDGE (Expert)
27 November 2018

Dear Sir,
If such property belongs to exclusive share of that partner then only he can execute a valid Will in favour of another partner.

Please mark “LIKE” if satisfied by my answer.

H.M.Patnaik (Expert)
27 November 2018

Dear Querist,
.As understood from your query, the intent is to ensure smooth transfer the share of net asset standing in the name of the partner upon his demise in the name of the surviving partner through an legal instrument. I fail to understand ,what is the necessity to create a 'Will' to ensure the arrangement.This intention can also be incorporated in the Deed of Partnership, so that the surviving can carry on the business of the firm as a sole proprietor without any dispute/objection, upon the eventuality of death of the other partner.

kavksatyanarayana (Expert)
28 November 2018

The property was purchased in the name of Firm(it is firm's property). so he cannot execute a Will. If any partner retires then it will be dissolved and the assets & liabilities shall be shared as per their shares. or if any partner dies, his/her successor can enter into his/her place.

sankar narayanan (Expert)
29 November 2018

while asking query better to reveal your identity. what is History? is it the name of Firm or your name ? yes well, the suggestion was given by Sri Kavksatyanarayana, I do stand on the same view.



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