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A B and C are partners in a firm sharing profit and losses in the ratio of 3 is to 2 is to 1 b died on1st April 2018. C sons of B, that he is the rightful owner of his father shares of profit and the profit of the form should be now shared between a and c equally aaa does not agree settle the dispute between a and c by giving reason?
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A B and C are partners in a firm sharing profit and losses in the rati...
Dispute between A and C over B's shares in the firm
Background:
A, B, and C were partners in a firm, sharing profit and losses in the ratio of 3:2:1. Unfortunately, partner B passed away on 1st April 2018. Now, C, who is B's son, claims to be the rightful owner of his father's shares of profit in the firm. However, A disagrees with this claim, leading to a dispute between A and C.
Reasoning:
1. Legal framework: It is crucial to determine the legal framework governing the partnership and the firm's operations. The partnership agreement, as well as any applicable laws, should be examined to understand the rights and obligations of the partners.
2. Partnership agreement: The partnership agreement should be reviewed to ascertain how the shares of a deceased partner are to be handled. It may outline provisions for the transfer of shares, the admission of new partners, or the dissolution of the partnership.
3. Intestate succession: If the partnership agreement does not address the transfer of shares upon a partner's death, applicable laws of intestate succession may come into play. These laws determine how the deceased partner's estate is distributed among the heirs.
4. C's claim: C, being the son of B, asserts that he is entitled to inherit his father's shares in the firm. If the partnership agreement or applicable laws support this claim, C may have a valid case for ownership of B's shares.
5. A's objection: A disagrees with C's claim, indicating that the profit-sharing ratio should remain unaffected by B's demise. A may argue that the partnership agreement does not provide for the transfer of shares upon death or that the firm's operations should continue as before.
6. Mediation or legal recourse: To settle the dispute, A and C could consider mediation or seek legal advice. Mediation can facilitate a mutually agreeable solution through negotiation and compromise. Alternatively, legal recourse can be pursued to seek a resolution based on the partnership agreement and applicable laws.
Conclusion:
To resolve the dispute between A and C over B's shares in the firm, a comprehensive examination of the partnership agreement and relevant legal provisions is necessary. Depending on the findings, either C may be entitled to inherit B's shares, or the profit-sharing ratio may remain unchanged. Mediation or legal recourse can help the parties reach a resolution that is fair and in accordance with the governing laws and agreement.
Background:
A, B, and C were partners in a firm, sharing profit and losses in the ratio of 3:2:1. Unfortunately, partner B passed away on 1st April 2018. Now, C, who is B's son, claims to be the rightful owner of his father's shares of profit in the firm. However, A disagrees with this claim, leading to a dispute between A and C.
Reasoning:
1. Legal framework: It is crucial to determine the legal framework governing the partnership and the firm's operations. The partnership agreement, as well as any applicable laws, should be examined to understand the rights and obligations of the partners.
2. Partnership agreement: The partnership agreement should be reviewed to ascertain how the shares of a deceased partner are to be handled. It may outline provisions for the transfer of shares, the admission of new partners, or the dissolution of the partnership.
3. Intestate succession: If the partnership agreement does not address the transfer of shares upon a partner's death, applicable laws of intestate succession may come into play. These laws determine how the deceased partner's estate is distributed among the heirs.
4. C's claim: C, being the son of B, asserts that he is entitled to inherit his father's shares in the firm. If the partnership agreement or applicable laws support this claim, C may have a valid case for ownership of B's shares.
5. A's objection: A disagrees with C's claim, indicating that the profit-sharing ratio should remain unaffected by B's demise. A may argue that the partnership agreement does not provide for the transfer of shares upon death or that the firm's operations should continue as before.
6. Mediation or legal recourse: To settle the dispute, A and C could consider mediation or seek legal advice. Mediation can facilitate a mutually agreeable solution through negotiation and compromise. Alternatively, legal recourse can be pursued to seek a resolution based on the partnership agreement and applicable laws.
Conclusion:
To resolve the dispute between A and C over B's shares in the firm, a comprehensive examination of the partnership agreement and relevant legal provisions is necessary. Depending on the findings, either C may be entitled to inherit B's shares, or the profit-sharing ratio may remain unchanged. Mediation or legal recourse can help the parties reach a resolution that is fair and in accordance with the governing laws and agreement.
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A B and C are partners in a firm sharing profit and losses in the ratio of 3 is to 2 is to 1 b died on1st April 2018. C sons of B, that he is the rightful owner of his father shares of profit and the profit of the form should be now shared between a and c equally aaa does not agree settle the dispute between a and c by giving reason?
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A B and C are partners in a firm sharing profit and losses in the ratio of 3 is to 2 is to 1 b died on1st April 2018. C sons of B, that he is the rightful owner of his father shares of profit and the profit of the form should be now shared between a and c equally aaa does not agree settle the dispute between a and c by giving reason? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about A B and C are partners in a firm sharing profit and losses in the ratio of 3 is to 2 is to 1 b died on1st April 2018. C sons of B, that he is the rightful owner of his father shares of profit and the profit of the form should be now shared between a and c equally aaa does not agree settle the dispute between a and c by giving reason? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A B and C are partners in a firm sharing profit and losses in the ratio of 3 is to 2 is to 1 b died on1st April 2018. C sons of B, that he is the rightful owner of his father shares of profit and the profit of the form should be now shared between a and c equally aaa does not agree settle the dispute between a and c by giving reason?.
A B and C are partners in a firm sharing profit and losses in the ratio of 3 is to 2 is to 1 b died on1st April 2018. C sons of B, that he is the rightful owner of his father shares of profit and the profit of the form should be now shared between a and c equally aaa does not agree settle the dispute between a and c by giving reason? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about A B and C are partners in a firm sharing profit and losses in the ratio of 3 is to 2 is to 1 b died on1st April 2018. C sons of B, that he is the rightful owner of his father shares of profit and the profit of the form should be now shared between a and c equally aaa does not agree settle the dispute between a and c by giving reason? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A B and C are partners in a firm sharing profit and losses in the ratio of 3 is to 2 is to 1 b died on1st April 2018. C sons of B, that he is the rightful owner of his father shares of profit and the profit of the form should be now shared between a and c equally aaa does not agree settle the dispute between a and c by giving reason?.
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