Family run business - Succession share

Querist : Anonymous (Querist) 02 November 2010 This query is : Resolved
Hi,
Need your assistance, we have a family run business (started by grand-father to my father then it is handed over to me) and I have a sister and she is married in 1997. Now, she wants a share in the family business. Can she claim for the business share (including earnings, firm shops and licence).

Suresh

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Chanchal Nag Chowdhury (Expert) 02 November 2010
U have not stated the nature in which the business is run e.g. partnership, HUF etc.Much will depend on this as your sister's claim may have legitimacy.

s.subramanian (Expert) 02 November 2010
Yes. She can claim since it is a family business.

Kirti Kar Tripathi (Expert) 02 November 2010
yes. she can, being class-I heir of your father.

pawan sharma (Expert) 02 November 2010
yes she can.

aman kumar (Expert) 02 November 2010
she can claim for the business share (including earnings, firm shops and licence).

R.Ramachandran (Expert) 02 November 2010
If it is a purely family run business i.e. business run by members of joint family alone (without there being any strangers i.e. outside family members) then the sister would also have a claim for a share in the said family business.

Arun Kumar Bhagat (Expert) 02 November 2010
Ask your sister to join the business and make a partnership agreement with clause 50:50 profit and loss. You withdraw the amount from the firm equal to her marriage expenses if it is paid from the firm's earning. Thereafter see the reaction of your sister.

Devajyoti Barman (Expert) 02 November 2010
Yes

Raj Kumar Makkad (Expert) 02 November 2010
Your sister has legal right to claim for her share in the business being legal heir of your deceased father.

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