Partners ship

Q.1 As per the will of deceased partner of firm, can it passible to add new partner accoring the deceased partner's wish,( say he like to add his grand son ( MAjor) become the next partner as new partner of the firm.

Ans. No, without the consent of the continuing partner, even if the deceased partner has written in the will the grandson of the deceased partner cannot become a partner.

Q.2) If the firm have only two partner and one is deceased and apser will of him , can passible to run the firm with new partner ,

Ans. The basic condition of partnership is broken viz. a partnership has to be between 2 persons on death of one of the partner, the firm does not survives it dissolves automatically

good, the same advise i given too him, but if the firm is family partnership firm then what is the fact of the question, very intersting question thats what i like to share all our frds

Do you mean family business?

yes, both of them ( one son and deceased father )  r  the partners of that firm. grandfather wrote the will , asper the will his grandson is new partner

I agree with Mr. Vishal that without the consent of other partner no partner can be added and this is true even with regard to a partnership firm consisting of members of the same family and mere will of one of the partners cannot make any other person as a partner of the firm. Also, the firm consisting of two partners only gets dissolved on death of one of the partners.

If the firm is registered under the partnership act then the firm stands dissolved as there are 2 partners only even if there is a will executed by the Grandfather since on the date of the death of one of the partner, the grandson has not joined the firm as a partner. However, if the firm is unregistered the grandson can join in the joint family business.

Hello, this is Prasad..

I would like to consult regarding my potential partnersipt terms.

While I continue to work with a company, I bought a shop, and invited two old frieds to start a business in partnership between, two friends and my wife [for me].

I do entire investment like shop [which is any way owned by me], furnishing, buying spare parts etc. and they do the actualwork be attending the shop. I also have a trade name which the firm can use onroyalty from me like the shop can be used on rent by the firm.

I want to protect my interests.

Can a partnership deed be fmade or a specified duration, to re renewed by concent of all partners.

I wish to keep opention to invoke the partnership with me. etc.

How do I coin terms favourable to me.