Legal Question in Real Estate Law in India

Sir

Partnership Law, is completely subject to the Contract / Agreement made between the Partners. So, to ascertain the cumulative rights and liabilities of the Partner, the provisions made in the Partnership Deed will have to seen.

Remember, under Partnership Law, all the Partners have right to manage the Firm, subject to the provisions made in Partnership Deed. So, after the death of one partner, all other Partners would have right to manage the Firm, however, partners can by executing Reconstituted Deed of Partnership, arrange as to who would manage the Firm.

Also, after the death of One partner, what will be status of his share in the Partnership Firm. Whether his LR are entitled to be inducted as partner, or whether the share of the deceased partner has to be realized and paid off to the LR., is also another aspect to be concerned. This is subject to provisions made in the Agreement.

Let me know should you require any help or assistance. You can mail me the copy of Partnership Deed.

Regards

Vivek N Mapara

vnmlaws.com