How to purchase partnership land
Ranvijay Chaudhary
(Querist) 07 April 2023
This query is : Resolved
Hi Dear Law experts,
I have one question,
There is one industrial land which is owned by a Partnership firm with two partners.
In this partnership firm one partner wants to retire and one partner wants to continue the business.
Among two partners if one partner retires and I add my name to the registrar of the firm by preparing a fresh partnership deeds and changing the constitution of the partnership firm.
1) Will the industrial land come in my name if I become a partner of the partnership firm by changing the constitution of the partnership firm?
2) Will I have to execute any registered sale deed and pay stamp duty to the government?
How to purchase a land which is in the name of a partnership firm with Two partners?
T. Kalaiselvan, Advocate
(Expert) 09 April 2023
1. The land belonging to the firm will remain on the firm's name alone till such time the firm is dissolved.
2. Since the property cannot be transferred to your name automatically there is no necessity to pay any stamp duty for the property which has not been transferred to your name.
3. The company has to pass a resolution to sell the property after which it can execute the sale deed through its authorised representative to the prospective buyer.
kavksatyanarayana
(Expert) 09 April 2023
The industrial land belonging to the Firm remains in the Firm's name till the Firm is dissolved. At the time of dissolution, the firm and its assets shall be equally shared by the partners. If you wish to join the firm, you have to join first and next step one partner may retire from the firm, as there are only two partners. The Firm (partners will execute) may sell the property to you, you have to pay the stamp duty and registration fee for that sale.
