Death of a partner,

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 April 2012 Mr M one of the Partners' in ABC Enterprises, expired on 30/9/2011. No new constitution was made with efect from 1/10/2011. Remaining Partners carried over the business as Partners under same name & style without making any new document. What will be the status of the firm for the financial year 2011/12 & how its return of income for the said financial year has tobe filed. Now they want to make changes/new Partnership from 1/4/2012.What documents has tobe made for changes with effect from 1/4/2012. Kindly inform with proforma of required documentation.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
Follow

28 April 2012 What happened to the share of the the deceased partner who has purchased it or all the partners have taken the share in their profit sharing ratio? If yes then draft a fresh partnership deed between the existing partners giving retrospective effect to the same and the return for 2012 you can finalise the share of profit in 2 portions one up to the date of death and next after death on pro-rata basis