Indian partnership law
Querist :
Anonymous
(Querist) 29 November 2011
This query is : Resolved
Sir,
Whether partnership deed is treated as a contract between partners and in case of death of one partner the remaining partners can distribute the share within them after giving away the capital amount of the deaceased partner to his legal heirs.Whether partnership deed is treated seperately from succession law. or succession law overrules partneship deed.
Regards.
A V Vishal
(Expert) 29 November 2011
It depends on the terms of the partnership. Without perusing your deed it would be not proper to reply your query.
Advocate Rajkumarlaxman
(Expert) 30 November 2011
yes its true, without the terms of your agreement it would be difficult to come to the conclusion. what are the terms of agreement if case any partner retires, dies or meets with an accident . what is the clause provided in your partnership deed in regard to this.
Devajyoti Barman
(Expert) 30 November 2011
Yes absolutely , if the partnership deed so provide the firm would be dissolved and capital would be distributed.
Shailesh Kr. Shah
(Expert) 30 November 2011
So, nothing to add further except further reply from querist.
Rajeev Kumar
(Expert) 30 November 2011
No reason to differ from experts
M/s. Y-not legal services
(Expert) 01 December 2011
usually you can not give investment share only to the legal heir of the deceased. you have to provide the profit share also.,
a logical question to you., there is profit only mean you not ready to share with deceased's heirs., if there is a loss mean?
on the other hand am agree with the experts., have to go through the deed.
V R SHROFF
(Expert) 02 December 2011
As far as death of one of the Partner is concerned, Legal heirs can either be admitted as Partner with consent of all other Partners, who will derive all benefit of the deceased partner.
OR
the legal heir is entitle to receive all his initial capital invested by him to gather with the Profit till his death, as calculated by their CA.
prabhakar singh
(Expert) 02 December 2011
Let it be any thing the terms incorporated in partnership deed or the law laid down in the partnership Act only govern the rights of a deceased partner in the partnership and not any succession law.
