Apni Law Staff asked 2 years ago
My father had three brothers – an elder brother and two younger brothers. He and his elder brother started a business together, but the partnership agreement included all four brothers. The agreement stated that the elder brother had a 40% share, while my father and his two other brothers had a 20% share each. After a year, my father brought his youngest brother into the business, and the three brothers continued working together. However, after ten years, due to some disagreements, my father left the business without taking any money. Later, a third brother joined the business, and new properties were purchased after my father’s departure. Does my father still have a claim to a share of those new properties?
Best Answer
Apni Law Staff answered 2 years ago
Yes, your father may still have a claim to a share of the new properties. Under Indian Partnership Act, 1932, a partner’s interest in the partnership property remains even if they leave the firm. However, his share in the new properties acquired after his departure may depend on the terms of the original partnership agreement and any subsequent modifications. It’s advisable to consult a legal professional for specific advice.
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