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 Law AllOther interview questions  Law AllOther Interview Questions (603)
Question
Please refer me the provisions of section 37 of Partnership 
act,1932
 Question Submitted By :: Law-AllOther
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Answer
# 1
When a member of the company dies or ceases to be a partner and when the remaining partners continue to carry on the business of the firm with the property of the firm(including property of deceased partner)without settling the accounts of the deceased partner, then the executor's of the ceased partner will be entitled to an interest of 6%p.a on property(capital) of ceased partner OR he will be entitled share of profits earned on the unsettled amounts for the period till his dues are settled.

This is applicable when there is no contract between the partners of the same.
 
Is This Answer Correct ?    4 Yes 1 No
Nakul.khanadali
 

 
 
 
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