02 February 2016
I have a query regarding partnership act . What are consequences of death of a partner in a partnership of 5 people ? I hereby want to ask whether any written notice is required to be given by a partner to other partners intimating them of such change . Whether partners are legally bound to intimate registrar of such change in constitution ? and what is time limit ?
I look forward for your kind attention. Thanks in advance
07 February 2016
The consequences depends on the instrument i.e. deed of partnership. If the deed says about dissolution of firm on death of a partner, it would happen so. If it says admission of deceased partner's legal heir it may be done so.
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