can the legal representative of deceased partner claim share in the subsequent profit of the firm
Shreem, I must tell you this one is a great question.
We all know that the legal heir of the deceased partner is entitled to receive 6% p.a. interest on the outstanding amount until the amount remains unpaid. Now, what happens sometimes is that the firm invests the amount due to the legal heir of the deceased partner and earn profits from such investment, in that case the legal heirs have an option to either claim interest @ 6% p.a. or a share in profits so earned out of invested amount.
We all know that the legal heir of the deceased partner is entitled to receive 6% p.a. interest on the outstanding amount until the amount remains unpaid. Now, what happens sometimes is that the firm invests the amount due to the legal heir of the deceased partner and earn profits from such investment, in that case the legal heirs have an option to either claim interest @ 6% p.a. or a share in profits so earned out of invested amount.