Can anyone please send the format of partnership deed after the death of the partner?
In my case other partner will contine as a partner and decased partner's legal heir which is his wife will be retire from partnership
2 Replies
CA CMA CS Ram Pavan Kumar Melam
(CA)
(6980 Points)
Replied 08 December 2015
As per the partnership deed between the partners of the firm, there should be a clause, that the firm is not dissolved by the death of a partner, and the deceased partners' heirs or legal representatives or their duly authorised agents shall have a right to join as partners of the firm.
If there is no such provision in the deed, the firm will be dissolved by the death of a partner.
Regarding format of deed, you just mention in recitals about the history of death and admission of new partner. Change name of the deceased partner to newly admitted partner. With a few modifications to the existing deed, you may write yourself. In case of difficulty consult any professional such as CA, advocate etc.
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