monisha 17 January 2018

Business partnership

Two persons involved in business and kept house as guarantee in bank , now the person who own's the house had died ,the family members were asking for the house document but the other partner is saying that some amount should be settled for him only then they can get it ,Is his signature mandatory to recover the house document ?

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4 Replies

monisha 17 January 2018

Partners 1 and 2 started business by showing house document of 2nd partner as guarantee in bank.

Among the them , partner 2 was dead to whom the house belongs to.

Now the dead person's son claims for the house document from the bank.

But the 1st business partner is not allowing him to take it , saying that his dad has to give money for him

kavksatyanarayana (subregistrar/supdt.(retired)) 17 January 2018

What are terms and conditions mentioned in the Partnership deed? the deed need to be verifed for reply. consult a loacl lawyer or CA.

azadsinghmarothia (professional ) 18 January 2018

died partner's son go first the business asset/value/liability and claim his share, if after settling all you will know that the business is in loss or profit

mahesh 18 January 2018

After death of 2 nd partner partnership comes to an end as there are only 2 partners and first partner will have to settle accounts and as per terms of partnership deed settlement of accounts should be done