Real estate property held by partnership firm


Dear All,


Hi. I need help with the following case.

 

A real estate property was jointly held by a partnership firm in which A and B are 50-50 partners. Partner A died and a new partnership deed was created in which the heir of Partner A got 30%.


Now my question is: How much will be Partner A's heir's share  be in jointly held real estate property?

 
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Corporate Lawyer

@ Neo,

You have not clarified how the share of 50% of A got reduced after his death. Pursuant to death of A his heir having entered into partnership the share should remain the same until and unless there is a mutual agreement to that effect after satisfying the initial interest of A which he had in partnership which happened to be 50%. 

Kindly clarify the same first to have a proper guidance.

 
Reply   
 



the share of the partner in the property held by the firm would be the share intrest of the partner in the said firm which is in your case is 30 % but as advised by shri yogesh you have to frist understand how did your share reduce to 30 % form 50% and further the rights of a partner in the property of the firm is further governed by the terms mentioned in the partner ship deed if you are not given any right in the property of the firm the you cannot clam the same so all depends on the deed of partnership between you and the partner so kindly obtain a proper advice through an advocate by getting his advise on the partner ship deed

 
Reply   
 

The conditions of partnership firm and other related papers are to be seen for rendering proper opinion.

 
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