Death of a partner in firm

D.G. Mohan (Querist) 03 April 2014 This query is : Resolved
A partnership firm with 2 partners father & son.Another 2 daughters are married. Immovable property is in the name of the firm. If after death of father,what is the position of the firm? Will it become proprietary concern of the son automatically? Whether signature of 2 daughters is required at any point?

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R.V.RAO (Expert) 04 April 2014
Where there were two partners, after the death of one, the firm will automatically come to an end. However, surviving partner may enter into partnership with the heirs of the deceased in which case that will be a new partnership firm.

source:http://www.vakilno1.com/legal-advice/partnership

T. Kalaiselvan, Advocate (Expert) 05 April 2014
Rightly opined by Mr. Rao on the subject, I agree with him.

Anirudh (Expert) 05 April 2014
The share of the deceased partner will go to the legal heirs equally, unless the deceased partner had left any will.

Guest (Expert) 05 April 2014
Firm cannot become proprietory automatically. Claim of legal heirs canot be denied on the assets of the 2nd partner by duly discharging liabilities of the deceased. Only after extinguishing the claims of the legal heirs on the assets and liabilities of the part of the deceased partner, the firm can be converted in to a properietory firm.

R.V.RAO (Expert) 05 April 2014
Thanks thiru kalaiselvan ji.

D.G. Mohan (Querist) 11 April 2014
Thanks gentlemen

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