Currently, I'm pursuing MBA at Symbiosis. I have query, regarding the partnership policy.
Assume a partnership firm, lets assume A, B and C to be the partners of the firm.... Each of them have a wife and a kid who is minor.... Unfortunately one day, all the 3 partners and their wives expires.... what will happen to their firm ?? Will their kids be given the authority to run it? If so, when can they and what would be the clauses ?
minor children can be admitted as beneficiary of partnership. on attaining majority they would become partners by election.
In a peculiar and exceptional situation, the minors approach civil court who will appoint trustees or wards who will run the business till the minors attain majority or as per the directions of the Hon. court.
13 June 2012
In This Case oth the death of partners their fims has automatically dissolved. After partner's death his minor children can not run the same firm. In the guidance of High Court They will get compensation. Thank You