How to transfer the plot of partnership firm?
Nikhil chaudhary
(Querist) 02 November 2019
This query is : Resolved
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kavksatyanarayana
(Expert) 02 November 2019
Ji, the two partners of the Firm have equal rights on the property. If you add any partner then that new partner/partners have also equal right over the property. so you both execute a sale deed in the name of Firm in favour of other partner. This transaction consideration vests to the Firm only. for more details please consult a local CA for better guidance.
Nikhil chaudhary
(Querist) 02 November 2019
But Sir buyers are demanding to dissolve partnership firm, add there names and retire ourself. We are confused is it a legal way to transfer the property by partnership deed and retiring deed or SALE DEED AND REGISTRY IN SUB REGISTRAR IS MUST?
kavksatyanarayana
(Expert) 03 November 2019
then do one thing that all the partners(at present two) of the Firm may execute sale deed on behalf of the Firm in favour of buyers. for any doubt contact me on 9490929460.
H.M.Patnaik
(Expert) 04 November 2019
You say the property belongs to a Partnership firm wherein you are one of the two partners.The Firm's property is to be transferred to new persons , who intends to be admitted as partners of the firm to avoid Land regn. fee.
Now tell me whether the Partnership firm carries on any business and holds other statutory licences like GST,Trade licence, PAN etc. .If the answer is in affirmative, have you decided to close your business. Any advice on your query is dependent on your answer .
Hemant Agarwal
(Expert) 05 November 2019
1. FIRSTLY, add the new buyers as partners in the Partnership Firm, by following due procedure of law (use the services of a local CS).
2. SECONDLY, "all" original two partners may resign, with proper undertaking /indemnity bond in favor of new partners, on basis of "lock, stock, barrel basis", thereby perpetually relinquishing their rights on business, goodwill, assets & liabilities etc....
3. No need to do anything further .... except for filing income tax returns, with the signatures of the new partners.
Keep Smiling .... Hemant Agarwal
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