My father willed his share of partnership firm in my name
11 months ago
In his partnership deed it was not mentioned that the share can be willed , Is that will will be valid ? can be probated or it will be invalid. It is a registered will .
A.Good afternoon!
As per Section 4 of the Partnership Act, 1932, a partnership is result of an agreement and thus can not be succeeded mere by status of being heir. The heirs or legal representatives of the deceased will have a right of access to and to inspect and copy any of the books of the firm. The liabilities cannot be imposed on the heirs either.
Section 42(C) talks about ‘Dissolution of firm on the death of a partner.’ If there is no contract to the contrary then partnership automatically dissolves on the death of a partner.
One exception is that if the partnership has only two members and your father was one of them, then the if the other partner approves then you can be admitted as a partner in the firm.
Therefore, in your case, even if it is a registered will, you will not be able to inherit your father's shares in the firm unless your father was one out of the only two partners of the firm and the other partner approves of your admission.
As per Section 4 of the Partnership Act, 1932, a partnership is result of an agreement and thus can not be succeeded mere by status of being heir. The heirs or legal representatives of the deceased will have a right of access to and to inspect and copy any of the books of the firm. The liabilities cannot be imposed on the heirs either.
Section 42(C) talks about ‘Dissolution of firm on the death of a partner.’ If there is no contract to the contrary then partnership automatically dissolves on the death of a partner.
One exception is that if the partnership has only two members and your father was one of them, then the if the other partner approves then you can be admitted as a partner in the firm.
Therefore, in your case, even if it is a registered will, you will not be able to inherit your father's shares in the firm unless your father was one out of the only two partners of the firm and the other partner approves of your admission.
Helpful
Helpful
Share
A.Dear Client,
In absence of a specific condition mentioning therein that on disability or demise of partner, his legal heir will be admitted as a Partner of the partnership firm, other partners if raised objection, the condition of Will even registered may not be enforceable.. However, in case there is no objection from other partner, you may be admitted as a partner of the firm in terms of the said Will. However, in case of objection by other partners, you may represent the matter before the Registrar of firms, society ans Non-Trading Corporation who are regulatory authority of a partnership firm fo a resolution in the matter.
In absence of a specific condition mentioning therein that on disability or demise of partner, his legal heir will be admitted as a Partner of the partnership firm, other partners if raised objection, the condition of Will even registered may not be enforceable.. However, in case there is no objection from other partner, you may be admitted as a partner of the firm in terms of the said Will. However, in case of objection by other partners, you may represent the matter before the Registrar of firms, society ans Non-Trading Corporation who are regulatory authority of a partnership firm fo a resolution in the matter.
Helpful
Helpful
Share
Read Related Answers
Will of Grandfather
Dear Client,
To ensure the authentic status of a pending case, you must obtain a certified copy of days proceedings or an order sheet of the latest hearing from the concerned Court where your probate...
Property distribution
Dear Client,
An individual gets the right to ancestral property by birth. Typically, ancestral property refers to property that has been inherited for four or more generations and has not been divide...
Brother unwilling to give copy of their late mothers Will to Sisters
Dear Client,
Both registered and unregistered wills can be challenged on similar grounds. However, certain challenges such as (i) Improper execution of the will; or (ii) genuineness on the signature o...
Unregistered will without signs of witnesses
Dear Client,
In the absence of both signatures of witnesses in the Will and its registration, the Will made by your grandfather in favor of your father becomes infructuous/invalid and unenforceable u...
can a BENEFICIARY in the will be appointed as an executor
Dear client, yes a benificiary a will can be appointed as an executor under Indian Succession Act, 1925.
Read Blogs on Will
Will Lawyers
Find Lawyers by Location
