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Can a government employees inherit a family business?
08-Apr-2023 (In Property Law)
My Friends Family owns a well to do Business with around 30-40 workers with livelihood dependent on the business.
Their is no capable heir apparent to inherit the business. Only the Friend and his 13 year old brother are left in the family.
Selling the business is not an option as it holds a sentimental value as well as monetary value.
Friend is Reserve bank employee and the business is retail in food sector.
Friend does not want to be involved in business but to keep ownership of it in the family and continue the Job.
Is any provision available to keep the ownership?
This is my response to you:
1. You can enter into a partnership deed;
2. You can also enter into a family settlement deed;
3. Register the deed, then only will it be of some value;
4. Consult a local lawyer and take steps.
1. You can enter into a partnership deed;
2. You can also enter into a family settlement deed;
3. Register the deed, then only will it be of some value;
4. Consult a local lawyer and take steps.
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Adv. Gowaal Padavi
Mumbai | 500+ Answers
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