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R N Balaage (Financial Advicer)     24 January 2015

Partnership - death of partner

Dear All good morning, 

One of our Client Firm, there are two partners( A &  B). last month 3rd week of December 2014 one partner Mr A. deceased. 4 legel persons are there ( C, D, E & F).

now my Doubt is 

Old Partnership firm still now business operating.

1. Any Due date is there for legal heirs enter into partnership deed, if yes means, Section number?

2. Stamp Paper Purchased 4th week of Jan 2015, therefore, when New Legal heirs enter i.e., Date of deceased  partner or   Today date.

thanks & Regards

RNB

 



Learning

 1 Replies

Hardeep (Business)     24 January 2015

AFAIK :

1) if there are only two partners in a Firm and one dies, the partnership firm automatically stands dissolved from that date.

2) Balance Sheet and P&L account has to be made as on that date which will be signed / accepted by Partner A and LRs of Partner B.

3)  A dissolution Deed has to be made setting out he terms of dissolution of the firm. In the same conditions regarding transfer of business , assets, liabliities etc to the new firm ( in which A and LRs of B can be partners ) may be set out.

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