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M/s ABC and Co (partner)     21 September 2011

Transfer of property of partnership firm

Dear Sir,


We have a partnership firm in which there is no activity for the past 10 years, it is a immovable property in a industrial area which we have given on rent. There are three partners totally. :

1. Myself

2. Mother

3. Another person

My mother died last september, and the partnership deed has not been changed. Now the third person wants to come out of the partnership firm and is ready to sign the release deed from the firm as well the property. We have already paid to him. He wants to transfer all the rights in his name to me.

 

What is the procedure. Kindly advise. In the sale deed his share is 60% and mine and my mothers share is 20% each. We are two children for my mother. Myself and my brother. How do we transfer the property to both our names equally.

 

Please clear my doubts and help me.



Learning

 3 Replies

RAJIV BHASIN (ADVOCATE) (Bhasin Legal Consultants(SOLICITORS & ADVOCATES) bhasin.laws@yahoo.com 9811210505)     21 September 2011

Dear ABC,

the partnership comes to an end after the death of any partner. your mother was partner of share of only 20% in income as well as in properties and she has not left any will and/or any testamentary documents then you both brothers are entitled equally only in her share. you being partner can purchase that share from other partner as well as from your brother.

regards

RAJIV BHASIN

ADVOCATE

BHASIN & ASSOCIATES

9811210505, 9868635640

1 Like

M/s ABC and Co (partner)     21 September 2011

Dear Sir,

The first partner wants to transfer his share of 60% in my favour without consideration as he is a family friend and his name hadto be included mandatoryily while execution of sale deed from the corporation ,since he was the original allottee.Can he transfer his rights without any consideration

 

Kindly inform

 

RAJIV BHASIN (ADVOCATE) (Bhasin Legal Consultants(SOLICITORS & ADVOCATES) bhasin.laws@yahoo.com 9811210505)     28 September 2011

Dear ABC,

 

Yes your partner can transfer his share to you without consideration. Please clarify what type of documents he possessed. In my view transfer throuhg Gift Deed and/or Relinquishment Deed in your favour.

Regards

Rajiv Bhasin

Advocate

Bhasin & Associates

9811210505, 9868635640


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