Partnership query

This query is : Resolved

Nirav Samani (Querist)
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30 May 2012 Hello Friends.

Situation: One of my client is a partnership firm which was having four partners. Out of that one partner died and out of remaining three partners one partner desires to retire and the other two partners wants to continue the business by admistting widow of the deacsed partner as a full time partner in the firm. There is clause in old deed that in case of death or retirement of a partner the firm is not desolved and the remaining partner can continue the firm business.

Requrement

Format of a single deed containing all three situation

1. Death of a partner

2. Admission of widow of the deceased partner and;

3. Retirement of a partner.

Regards,

CA. Nirav Samani

N GANESHAN.

N GANESHAN. (Expert)
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31 May 2012 MR CA
The 3 actions are different and independent. You cannt write a single deed comprehensively covering all the 3 different happening. First write a deed to record the death of the partner ie the deceased partners share shall be subscribed by the remaining parners. Second admit the window as partner offer her husbands share [to be offerred by the existing partner who taken that ratio in our first deed] third write retirment deed so that parnership continue as such. Hope you got it..
Best wishes