FORMAT / DRAFT ON RECONSTITUTION OF PARTNERSHIP DEED ON ACCOUNT OF DEATH OF PARTNER

[DINESH TIBAREWALA]

Dear Sir

I need a format / draft on reconstitution of partnership when out of 3 partner 1 partner died and firm continue to run the business after death of a partner.

Please forward the draft if you have any.

[DR.MARIAPPAN GOVINDARAJAN]

You may approach Advocate who is well versed in drafting for this purpose. The draft is based on the nature of partnerships etc,

[Ganeshan Kalyani]

I agree with Mariappan Sir.

AI Summary

Reconstitution of partnership: procedures for continuing firm after partner's death and need for tailored drafting.
Reconstitution of a partnership after the death of one partner requires amending or drafting a new partnership deed to reflect continuation by surviving partners, settlement or buy-out of the deceased partner's share, treatment of goodwill, allocation of profits and management authority, and to address creditor consent, registrations, and succession rights; tailored drafting and professional legal advice are recommended.