Partnership Firm-Legal heirs issue
Dathathreya Bhat G
(Querist) 28 June 2009
This query is : Resolved
Dear Friends
Please clarify the following.
1) After the intestate death of partner in a firm how his share in the firm will be succeeded.
2) If the share transfers to the legal heirs and one of the legal heir dies leaving behind his widow and a minor child and subsequently said widow re-marries whether the said lady will succeed to the right of the said partner what about the right of the minor child.
3) If a legal heir of the partner dose not agree to settle the partnership dispute with other legal heirs then how to resolve the same.
Please guide me in the matter
Dathathreya Bhat
A V Vishal
(Expert) 29 June 2009
Dear Mr Bhat
1) After the intestate death of partner in a firm how his share in the firm will be succeeded.
2) If the share transfers to the legal heirs and one of the legal heir dies leaving behind his widow and a minor child and subsequently said widow re-marries whether the said lady will succeed to the right of the said partner what about the right of the minor child.
Ans: The succession will be as per the succession laws governing the religion of the deceased.
3) If a legal heir of the partner dose not agree to settle the partnership dispute with other legal heirs then how to resolve the same.
Ans: In case of any dispute, the share can be held by the firm until such time the dispute is not resolved.
Khaleel Ahmed Mohammed
(Expert) 29 June 2009
I agree with Mr. A.V. Vishal. The dispute shall be resolved by the competent court.
PALNITKAR V.V.
(Expert) 29 June 2009
Mr. Vishal is right. I just want to add that the minor child's right will remain intact even if the widow remarries.
Manish Singh
(Expert) 06 July 2009
1. if a partner dies and th partnership is at will, the firm shall be dissolved and shares of each partner shall be divided and given. legal heir of the deceased partner shall take his share by a guardian. if the firm is not at will, the share of the deceased partner shall be given to the legal heir who will have the option to accept or deny it. if denies then his share will be given and the firm shall not be liable any further to him. if he is minor, then his interest shall be provided, if he by is guardian chooses so, to him till the age of majority and he shall have an option to get included in the firm as aprtner.
2. yes the succession/inheritance shall be per governing laws.
3. the partnership has nothing to do with the dispute between the legal heirs. it shall give the deceased intersts to the legal heirs. the dispute shall be dissolved by the heirs themselves.
