Property in the name of a firm
Deepak Singla
(Querist) 29 May 2012
This query is : Resolved
Sir
in 1999 a Partnership Firm M/s ABC Purchased a Land in the name of M/s ABC. in 2005 this Firm as been Desolved and one of the Partners Namely Mr. A take over the Land of M/s ABC. Mr. A starts the same business with the same name & same title Deed of M/s ABC. in 2010 again a Parnership firm was created on the Same Name M/s ABC with two new partners & with Mr. A who is Existing Prop./Partner of M/s ABC. after some time Mr. A Retires from the Firm. and to Partners Carry on their Bussines. Is this Legaly Right . that New Partners are the Owner of the Land. Beacuse Firm was Desolved in 2005.
Chanchal Nag Chowdhury
(Expert) 29 May 2012
Nothing wrong with it as the A/Cs. must have been settled with each dissolution & the value of the property must have been taken into the A/Cs.
Shonee Kapoor
(Expert) 30 May 2012
if the accounts are settled nothing wrong in it.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
J K Agrawal
(Expert) 30 May 2012
If there was no contract contrary to that in previous partnership there is nothing illegal.
