Can a partner ship firm purchase property

ravi (Querist) 07 November 2014 This query is : Resolved
Dear sir,

can a partner ship firm purchase property from an individual ?

Ex> "A" and "B" are partners of the firm. They want purchase a house from individual "C" for business purpose.

Is it correct ?

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ROHIT SHARMA (Expert) 07 November 2014
1. Yes, the partnership firm can purchase such house provided that the sale deed is made in the name of the partnership firm.

Rajendra K Goyal (Expert) 07 November 2014
yes they can.

ajay sethi (Expert) 07 November 2014
yes firm can purchase property

T. Kalaiselvan, Advocate (Expert) 13 November 2014
There is nothing wrong in it but care to be taken to purchase the property on the firm's name.

Anirudh (Expert) 13 November 2014
Unlike a Limited Company, a partnership firm is not a legal entity. Therefore, no property can be purchased in the name of the Firm as such. However, the property can be purchased in the name of any of the partners and the same can be shown as asset of the Firm.

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