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 .
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?
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
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.
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.
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)