Grand fathers property used by partnership firm
amu
(Querist) 29 October 2012
This query is : Resolved
this case pertains to an unregistered partnership firm with HO in calcutta and a branch in mumbai, and having three brothers and father as a partner . after a few yrs a partner resigned from the partnership and migrated abroad . the other two brothers and father continued in partnership . Since the property (branch ) is in the fathers name can the son who resgined or his legal heirs claim rights in the property .
kindly help asap
Devajyoti Barman
(Expert) 29 October 2012
The moot question is whether the property was made as the capital of the firm or mere allowed to be used as partnership business.
If it was merely used for business then father continue to be its owner and dispose it off to anyone he chooses.
It is better if the resigned partner;s account is settled. if so then in future he can not raise any question of distributions of partnership capital.
amu
(Querist) 29 October 2012
hi it was not a part of the capital ... i undertstand therefore that the father is owner however he too has passed away (intestate )and one of his son is in sole possession since his death ... what den is the stand of the retiring partner in respesct of the property
thank u for ur reply
Devajyoti Barman
(Expert) 29 October 2012
After the death of the father if intestate then all his sons including the resigned partner has equal share.
It was not the partnership property but the individual property of the father.
