Reg : dissolution of partnership firm

Akshay (Querist) 22 August 2013 This query is : Resolved
There is a partnership firm having 2 partners. One of the partner has unfortunately died. Since the case falls in the compulsory dissolution of the firm category is there a need to execute a dissolution deed? If yes who needs to execute it? Can the other partner carry on the same business without executing the same?

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Anirudh (Expert) 23 August 2013
The terms and conditions in the partnership deed shall determine and answer your query.

Rajendra K Goyal (Expert) 23 August 2013
Terms and conditions of the partnership deed need to be seen.

Akshay (Querist) 23 August 2013
Sir what if the partnership deed is silent on such clause?

Guest (Expert) 23 August 2013
You will have to give the partner's dues (net of assets & liabilities) in the business to the legal heirs, if you want to make the firm as proprietirship firm and to enter in to a valid agreement with them. But that will still remain at the discretion of the legal heirs whether they would like to withdraw the share by dissolving partnership firm or get partnership in the firm in lieu of the share of their deceased partner.

Akshay (Querist) 23 August 2013
Thank You Dhingra Sir for your suggestion.. could you provide me the draft dissolution deed for the aforesaid case... wherein one of the partner dies..and only one partner is there and he wishes to carry the same business...
who all will execute such a deed??

Guest (Expert) 23 August 2013
Sorry dear, while readymade dissolution deed may not work, we also do not provide any readymade deed. I work on the basis of only facts and figures not on hypothesis, as neither law is supposed to work on hypothesis, nor same language can work in different cases in different circumstances and environments.

So, you will have to hire services of some expert and provide him with details of the case and assets and liabilities along with the existing partnership deed.

Akshay (Querist) 23 August 2013
ok sir...
thanks....

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