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Who will become the owner of a firm after the death of its owner
23-Apr-2023 (In Family Law)
Hi my uncle died and he is the owner of the firm and he has 7children(1 son and 6 daughter)then after his death who is the owner of the fir?only son or all 7 children??
Hi firstly if you are talking about partnership firm then all the legal heirs of your uncle including the other partners are the owner and if it is a proprietorship business then it will divide all of his heirs which is both son and daughter unless your uncle have a will.
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Adv. Lavika Gupta
Delhi | 50+ Answers
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every child whether son or daughter have a right of inheritance, under indian law there is only exception with regard to the agriculture land, in certain states but as far as business Firm is concerned there is no exception. therefore son or daughter have a right of inheritance in your uncles Firm.
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Adv. Uzmi Jameel Husain
Delhi | 25+ Answers
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Please explain what kind of firm it was, if it is a partnership firm then it will be dissolved after the death of any partner. And in other cases like if there is any company or proprietorship concern then Class I legal heir will get the shares equally
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Adv. Devashish Maharishi
Delhi | 50+ Answers
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After the death of father all the seven children will get equal right in the property and business of the father.
One can become the manager and take responsibilities of the business but everyone will be entitled to profits
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Adv. Mohit Rana
Delhi | 50+ Answers
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Its depends upon type of firm, i.t. proprietorship or partnership., Please confirm...
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Adv. Rahul Tyagi
Gurgaon / Gurugram | 25+ Answers
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