Legal Question in Wills and Trusts in India

What are the succession rules for a proprietary firm? Can a father nominate his son to succeed after him & continue the firm as proprietor?

Asked on 6/18/13, 7:49 am

2 Answers from Attorneys

muhamed mustaque mk associates
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proprietory concern will devolve up on his legal on death , even nominee is made he is accountable to legal heirs , nominee may be able to continue the business but not as if his own but with accountability to legal heirs. However by executing a will , it can be made infavour of person of his choice excluding any legal heirs from succession

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6/18/13, 9:16 am
Fca Prashant Chavan Expert Edge LLP
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19.06.2013

Dear Sir / Madam,

If the owner of a sole proprietorship dies, then the business also ceases to operate, because a sole proprietorship is not considered to be separate from the individual owner. But during the father's lifetime, the son can start a new sole proprietory concern and takeover the assets and liabilities of the father's proprietory concern.

Regards,

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6/19/13, 4:58 am

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