Land development

Querist : Anonymous (Querist) 16 July 2010 This query is : Resolved
hi...
I want to know that how to register a 'land developers and builders firm/company'.
Can I register it under Partnership Act?
What is the procedure for it?
Which precaution should be taken before purchasing agricultural land for development?

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A V Vishal (Expert) 16 July 2010
Yes you can incorporate a company under the Companies Act or start a partnership under the Partnership Act.

The general procedure for registering a partnership firm all over India is quite similar:

You have prepare a “Partnership deed”
Fill in the required form at the “Registrar Of Firms” office near you.
Submit the required form, the “Partnership Deed” and other supporting documents to the “Registrar Of Firms” for approval.

Preparing the “Partnership Deed”
The “Partnership Deed”, as stated above, must contain:

Name and address of the partners and the firm
Duration of business, if any
Nature and place of business;
Profit or loss sharing ratio
Salary or commission payable to any partner, if any
Duties and powers of each partner
and
Any other terms and conditions to run the business
The partnership deed is usually not very hard to prepare through a local lawyer.

This partnership deed must be made on stamp paper as per the laws of the place of signing. The whole process of drafting the partnership deed can be done through a trusted lawyer. It should cost you around Rs.1000/- to prepare the deed.

After preparation of the deed, it must be signed by all the partners. It must also have signatures of independent witnesses.

The deed is then submitted to the “Registrar Of Firms” along with the registration form and other supporting documents. On approval of these documents by the “Registrar Of Firms” the “Partnership Firm” is established as a legal entity and can start business under the chosen name.

Chanchal Nag Chowdhury (Expert) 17 July 2010
Since Mr. Vishal has given all details re: Regn. of Partnership, my answer to your 2nd question is that__ Land Laws are State Laws. They vary from State to State. U have not mentioned as to which State U belong to. Please check local laws to know the restrictions on dealing with agricultural lands.

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