Proprietory firm - death of the proprietor

Satish Talnikar (Querist) 25 November 2011 This query is : Resolved
A Proprietor of the proprietory firm died intestate being survived by 3 major sons and a married daughter. His wife had already died two years back. In order to run the business smoothly, what immediate formalities shall have to be completed till the time a proper decree of succession is obtained from the court of law?
Kindly advise.
Thanks!!!

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Devajyoti Barman (Expert) 25 November 2011
Execute a formal deed of partnership amongst themselves so there is no dispute in distribution of profit or loss of the firm.

Satish Talnikar (Querist) 25 November 2011
Thanks a lot dear Barmanji! So kind of you!!

Rajeev Kumar (Expert) 25 November 2011
I do agree with ld. expert

Raj Kumar Makkad (Expert) 25 November 2011
It depends upon mutual understanding of the legal heirs of deceased.

M/s. Y-not legal services (Expert) 27 November 2011
yes.. am agree with makkad sir..

prabhakar singh (Expert) 27 November 2011
If all are agreed heed should be paid to the advise of Mr.Barman.

Sailesh Kumar Shah (Expert) 27 November 2011
Mr.Barman's advise is quite practical.

DEFENSE ADVOCATE.-firmaction@g (Expert) 27 November 2011
A partnership firm can not take over the business of a deceased proprietor. You have to take sucession certificate from competant court.

If there is a will with proper witnesses during the life time of testator , it can help.

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