Hi
Me and my father(late) registered a partnership firm (50-50). My father was the managing partner of the firm. It was specifically mentioned in the deed that in case of death of any of the partner partnership shall not dissolve and share of the deceased will be automatically transferred to the other partner. Now my father has died. What do I need to do? Has the partnership automatically dissolved as I read somewhere in case of only two partners in a partnership, partnership shall dissolve automatically. Or in case of the above mentioned clause in the deed the partnership has automatically been converted to sole proprietorship?
Regards
yes, the partnership firm is dissolved and you have to convert it to sole proprietorship
