Division of property and registration of mou
Ketan Shah
(Querist) 14 December 2014
This query is : Resolved
Respected Sirs,
Our partnership firm having 5 partners has decided that one of its industrial Shed in a Registered Co-op Society at Thane (Maharashtra) District, should be divided physically in to 2 equal parts. One part should go to 3 partners and another part should go to remaining 2 partners in the partners individual name in place of firm name.
Can we do so by entering in to a Memorandum of Understanding between all 5 partners and get it registered?
Is there any other option available to us?
Society has issue NOC for the division of shed based of lawful document.
Awaiting for reply.
Thanks in advance.
ROHIT SHARMA
(Expert) 14 December 2014
1. Unless the partnership is not dissolved the entire property in context is deemed to be in the name of the partnership firm and hence even if such resolution is passed it will be unlawful and such property cannot be divided in the name of individual partners.
