LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Raj   03 April 2022

Partnership Business

I retired from our family business, a partnership firm, 15yrs ago by taking my share. My father and my brother continued the partnership. Now, after the demise of my father, who died intestate, my brother is not willing to part with my father's share in the business which I am entitled to receive as one of the legal heirs. What should I do?


Learning

 1 Replies

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 )     03 April 2022

On the death of a partner, subject to any contract to the contrary, the partnership ceases to exist. Here, the contract to the contrary means the partnership need not be dissolved if it is expressly mentioned in the partnership deed that the remaining partners (not partner) can continue the firm's business.


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register