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Ramesh Jagatapu   14 September 2020

Unregistered partnership deed

Unregistered Partnership Deed

In partnership deed at 17th July 1984
the business is rice mill.
Mainly 2 partners, these 2 partners added to additional 3 partners.
In this deed the 2 partners are share the everything means site, building and other materials to share equals to total 5 members.

in deed total 5 members
in deed 4 members expired
the remaining 1 member how to collect the shares of rice mill .

please give me the suggestion


 8 Replies

kavksatyanarayana (subregistrar/supdt.(retired))     14 September 2020

Your query lacks clarity.  To my understanding, there are two partners and subsequently, 3 partners added. Then have they executed the reconstitution of the partnership deed though it is unregistered.  What are the terms and conditions of the PD.  However when 4 partners died, then it is deemed to be dissolved. What about the assets/liabilities of the business?

1 Like

Dr J C Vashista (Advocate)     15 September 2020

Single surviving partner concern/firm can not be termed as "Partnership" 

1 Like

G.L.N. Prasad (Retired employee.)     15 September 2020

Even when the partnership is dissolved, the accounts should be settled and those payments due to deceased partners must be settled to their legal heirs.  

1 Like

Ramesh Jagatapu   15 September 2020

kavksatyanarayana sir,
how to suit that one person to legal heirs ,
the site is registered 1 and 2 partners.
4 and 5 partners died and they are already leave the business.
the 3 partner only live.
how to file suit in court that 3 rd partner.
the business is rice mill

how to get the assets that 3rd partner

Adv Vinay Mathur + 8447131770 (Advocate)     16 September 2020

37. Right of outgoing partner in certain cases to share subsequent profits.—Where any member of a firm has died or otherwise ceased to be a partner, and the surviving or continuing partners carry on the business of the firm with the property of the firm without any final settlement of accounts as between them and the outgoing partner or his estate, then, in the absence of a contract to the contrary, the outgoing partner or his estate is entitled at the option of himself or his representatives to such share of the profits made since he ceased to be a partner as may be attributable to the use of his share of the property of the firm or to interest at the rate of six per cent.

kavksatyanarayana (subregistrar/supdt.(retired))     18 September 2020

You stated that the site is registered in the name of 1 and 2 partners. Does it mean did not register in the name of the partnership Firm? You stated that 4 & 5th partners are died?  then what about their shares?  What about 1st and 2nd partners? Even now your query is not clear. you may call me over the phone if any doubts.

1 Like

G.L.N. Prasad (Retired employee.)     18 September 2020

How the asset was treated in the accounts of the firm is the deciding factor.   Query lacks clarity as it is not disclosed as to whether the property was treated as stocks of the firm or part and parcel of business.  (like real estate development)

Ramesh Jagatapu   23 September 2020

kavksatyanarayana sir,
please give me your phone number
I will call you sir.
giving the clarity and give the suggestion sir. and also giving my number - 9010816534
please sir

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