Change in constitution of firm from partnership firm to private limited company

SAM (Querist) 17 October 2013 This query is : Resolved
Dear Sir,

Weather any amendment need to be done in Leave and License Agreement or any Side Letter need to be exchange for change in constitution of firm from Partnership Firm to Private Limited Company?

There is no mention anywhere in the license agreement that the licensor needs to make new agreement with the same terms and conditions.

Do the Licensor and Licensee need to once again register the amended changes and pay for stamp duty and registration charges?

Do reply me?

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Devajyoti Barman (Expert) 17 October 2013
No, it need not be. However the licensee needs to to inform the landlord that from the date of change in constitution the rent receipt is to be issued in the new entity.
Since from becomes a company which is anew entity, the landlord needs to be informed for change the name and entity.

Nadeem Qureshi (Expert) 17 October 2013
agree with expert, or execute a new agreement with new name

Guest (Expert) 18 October 2013
Are you a licensor, licensee (representative) or the tenant?

Also, do you think that any of the three parties could anticipate any future change in constitution of the firm to include appropriate condition in the agreement?

In my views the existing Leave and License Agreement becomes inoperative from the date the constitution of the firm is changed to a company.

Rajendra K Goyal (Expert) 22 October 2013
Agree with the expert PS Dhingra ji. The constitution of the firm has changed, old leave and license agreement would be inoperative.

Sudhir Kumar, Advocate (Expert) 09 November 2013
nothing more to add.

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