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Partners asking for there share what can we do
09-Jun-2023 (In Civil Law)
My father (who is no more) started educational institutions back in 1995 along with 5 other friends with a investment of of 25% of total expenditure meant for project.And did not gone for partnership deeds. And other partners invested rest part equally(15% each). Now other partners asking for equal share. as no legal documents are available(except rent paid according to 25% voucher and hand written papers wrt percentage of share) suggest me the next step to be taken
When an informal partnership exists without formal documentation, the partnership dissolves upon the death of a partner. The partnership itself may not die, but changes into a different partnership. The former partnership sells the assets to pay off any and all creditors, then distributes the remaining funds to the remaining partners and the deceased partner's wife, as per his will.
Therefore in case of a death of a partner, the partnership will dissolve, and the remaining partners will form a fresh partnership. You cannot inherit your fathers position in a partnership.
Therefore in case of a death of a partner, the partnership will dissolve, and the remaining partners will form a fresh partnership. You cannot inherit your fathers position in a partnership.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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