Assets of partnership firm
srinivas desai
(Querist) 10 November 2012
This query is : Resolved
Sir,
I would like to purchase a car registered in the name of a partnership firm. The person selling the car says, The Managing Partner will sign all the documents & put the seal of the company i.e. For seal of the company represented by the managing partner. I would like to know whether the sale is legal & whether the sale is binding on all the partners. If at a later date, some other partner raises a claim and files a case against his partner & me alleging fraudulent sale, what will the consequence for me? Will he have a claim of his share on the car? What is the correct proper procedure of buying such a car. Please reply early, thanks in advance.
Kishor Mehta
(Expert) 11 November 2012
Sir,
An indemnity bond by the signing partner should suffice.
Regards,
Kishor Mehta
prabhakar singh
(Expert) 11 November 2012
To determine his right represented you are advised to look into the partnership deed of the firm,otherwise in law each partner is principal as well as agent for others' and any intercourse of one with third party shall
bind him as well as others along with Firm which is nothing but a collective name of all.
Sadashiv Rupchand Gaikwad
(Expert) 11 November 2012
