Question

What is the entitlement of the legal representative of a deceased partner in the subsequent profits of the firm?

Answer 1

According to Section 37 of the Partnership Act, the executor of a deceased partner is entitled, at their discretion, to receive interest at 6% per annum on the amount due from the date of death until the date of actual payment, or on the portion of profit generated by the firm using the amount owed to the deceased partner. This provision also applies to a retiring partner.