There are two partners in an un registered Partnership Firm,Recently one partner expired. Can anybody tell me the liability of the L.R's to the Third parties ... .....
2006-12-23 22:42:59 · 5 answers · asked by Raghu R 2 in Politics & Government ➔ Law & Ethics
Your case is very clear under sec 42c of the Indian Partnership Act,1972 death of a partner the firm get dissolved subject to the contract between the parties & an intention to continue business in partnership with legal representatives. If there was no such contract or intention to continue business in partnership with legal representatives of the deseased partner then such partner ship & all its business comes to an end on the death of any partner. Now for the right & laibility of L.R is concerned L.S. has right to final settlement of the accounts of the firm & get the share of the deseased partner after settlement of all & only those laibilities those exisited till death of the partner. In case the other partner continued the business after the death of the other partner the L.R. of the deseased partner WILL NOT BE LIABLE TO ANY SUCH LIABILITY TO THE THIRD PARTY. In simple words we can say L.R. are liable to the third parties for settlement of old accounts that exisited or were in relation to any deal that settled just before the death of the partner nothing which incurred after his death.
2006-12-23 23:45:12 · answer #1 · answered by bisexualmale s 6 · 0⤊ 0⤋
First of all it is top been seen what were the conditions in the Indenture of Partnership when it was executed between the Partners. If it is that the legal representatives of any deceased, insolvent or incapacitated partners be included in the place of the partner in uestion then they cannot escape their liability. But one thing is clear that the Partnership was unregistered and if the LR of the dead partner does not step in then the creditors cannot make any claim aginst such LR for recovery of the dues. In that case the surviving partner shall be liable.
Most of all the capital and share of the profit of the dead partner can be claimewd by the creditors and not more.
2006-12-25 05:54:33 · answer #2 · answered by ailegal 2 · 0⤊ 0⤋
In an unregistered partnership the partners are personally liable for the debts of the firm. The legal Representatives of the deceased partner are liable for the debts to the extent of the deceased share and the deceased estate in the hands of the L.R is liable and the L.R's are not personally liable.
2006-12-24 00:00:38 · answer #3 · answered by seshagiri r 1 · 0⤊ 0⤋
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2016-10-05 23:26:14 · answer #4 · answered by ? 4 · 0⤊ 0⤋
No. if anybody joins it will be treated as new partnership fi8rm under partnership act
2006-12-23 23:33:19 · answer #5 · answered by Anonymous · 0⤊ 0⤋