Sale of partnership property
chandru
(Querist) 30 October 2014
This query is : Resolved
Hello sir, We are owning partnership firm. First 10 years back we started with two managing partners and five partners. all the partners gave powers to managing partnes.laterly 4 years before one of the managing partners and two other partners retired from the partnership.The land purchase document of the firm was signed by the two managing partners at the time of purchase.now we want to sell the company. Can remaining one managing partner execute the sale document without dissolving the partnership.the firm is registerd one. and another query is Should the retired managing partner name be removed from the sub-registrar office and from patta doc. in revenue records?
Devajyoti Barman
(Expert) 31 October 2014
While selling the sale it is required that all partner sign the deed of sale so later they may not dispute the sale.
To sell the property the firm need not be dissolved.
Rajendra K Goyal
(Expert) 31 October 2014
The sale would be effective even if Managing partner signed the sale deed.
It is always advisable to get it executed by all the partners.
chandru
(Querist) 31 October 2014
Thank you sir, But my query is land purchase document was signed by two managing partners now the sale deed could be effected by the remaining one managing partner.
Sailesh Kumar Shah
(Expert) 02 November 2014
Answer the following:-
1. what is the provision in the partnership deed about this ?
2. when two managing partners have purchased the land then any deed/resolution prepared or any clause mentioned in sale deed about two managing partners ?
3. purchasing/selling is the ordinary course of business of the firm ?
T. Kalaiselvan, Advocate
(Expert) 04 November 2014
If the partnership deed contains the recital about any of the partner can sell the property purchased n behalf of the firm, it will be valid as the property is being sold on behalf of the firm and not on any individual name.
chandru
(Querist) 05 November 2014
As per partnership deed managing partner has got powers to buy or sell the property on behalf or the firm.
Sailesh Kumar Shah
(Expert) 05 November 2014
So, go ahead with managing partner, there is no hurdle to execute sale document by the sole managing partner.
Note : As per your query at present, one managing partner and 3 other partners in the firm.
chandru
(Querist) 13 November 2014
Should the retired managing partner name be removed from the sub-registrar office and from patta doc. in revenue records?
Sailesh Kumar Shah
(Expert) 17 November 2014
retired managing partner can not be removed from the sub-registrar office.
Sailesh Kumar Shah
(Expert) 17 November 2014
retired managing partner can not be removed from the sub-registrar office.
