Partnership act

Querist : Anonymous (Querist) 03 January 2012 This query is : Resolved
DEAR SIR THANKS TO HELP ME.

PARTNERSHIP FIRM WITH TO PARTNER A AND B.
ONE PARTNER A EXPIRED AND SECOND PARTNER B WANT INVITE THIRD PARTY C AS PARTNER.

THAT THE LEGAL HEIRS 'WIFE' OF FIRST PARTNER A IS AN OLD LADY AND HAVING NO ANY INTEREST TO CARRY SUCH BUSINESS.

THAT THE SECOND PARTNER B WANT TO CARRY BUSINESS WITH NEW PARTNER.
THEN WHICH TYPE OF DOCUMENTS HE HAVE TO OBTAIN FROM LEGAL HEIR OF PARTNER A FOR SMOOTH BUSINEES RUNNING IN FUTURE.

PLZ SUGGET ME AND SEND ME DRAFT FORMAT IF ANY.

THANKING YOU.

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Devajyoti Barman (Expert) 03 January 2012
Firm needs to be reconstituted for which firm needs to be reconstituted.
Engage an advocate for draft.

H. S. Thukral (Expert) 03 January 2012
Earlier partnership is dissolved on the death of a partner unless there is provision to the contrary in the partnership deed.

You have to reconstitute the partnership with new partner as advised by Mr. Barman.

ajay sethi (Expert) 03 January 2012
agree with experts

Deepak Nair (Expert) 03 January 2012
Rightly advised by experts.

prabhakar singh (Expert) 03 January 2012
agree with experts

Raj Kumar Makkad (Expert) 04 January 2012
As partner A has expired so firm has automatically dissolved and has become a sole proprietorship of B. So in the given case, B should settle entire accounts with the legal heirs of deceased partner A and should obtain their clearance certificate qua all assets and liabilities and thereafter should again frame a new partnership firm with C as per mutually agreed terms and conditions. This partnership shall have no connection with earlier.