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What can the legal representative of a deceased partner claim from the firm?

Answer and explanation

Correct answer: Amount due to the deceased partner

The legal representative is entitled to claim the amount due to the deceased partner from the firm. After necessary adjustments, this may include capital, goodwill, accumulated profits and the deceased partner’s share of profit up to the date of death. There is no automatic right to future profits. Exam tip: determine the amount due as at the date of death.

Related tags

Deceased Partner ShareLegal RepresentativePartnership ReconstitutionAmount DueAccountancy Class 12Deceased Partner’s ShareDeceased Partner S ShareReconstitution Retirement Or Death Of A Partner

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