Partnership
Umesh
(Querist) 16 October 2013
This query is : Resolved
Two individuals have joint property in their individual names and they are partners vide unregistered partneship deed. Can this property be considered as partnership firm property. If not, how this property can be considered as partnership firm's property.
Kindly guide.
arunprakaash.m.
(Expert) 16 October 2013
First register your partnership deed. If the intention of the parties is that it is partnership property then it is.
prabhakar singh
(Expert) 16 October 2013
Property owned by two co owners or joint owners can not ipso facto become property of a partnership firm simply because they also have a business in their partnership but if
they intend the properties to bring into the partnership they need to agree there for and better by a written deed of partnership which may be unregistered also(provided share held in joint ownership does not get changed in partnership and there is no third partner in the partnership firm) and Firms registration is also optional matter though very much beneficial as it takes away many disabilities law creates for unregistered partnership firms.
R.K Nanda 
(Expert) 16 October 2013
nothing to add more.
Devajyoti Barman
(Expert) 16 October 2013
It would depend upon the facts of the case.
Yes all the properties belonging to the partners can not automatically be considered as partnership property unless the circumstances so determines.
Umesh
(Querist) 17 October 2013
Dear Experts,
Thanks for your valuable advice.
Can bank recover loan amount from unregistered partnership firm.
Anirudh
(Expert) 17 October 2013
Dear Mr. Umesh,
one of my friends asked me whether putting a brick on the earth amounts to building a wall. I said no. Then he asked what would the position if two or more bricks are put. I said still it would not amount to a wall unless it is raised to a considerable height. Then he asked whether putting four such walls would amount to a building. When answered in the negative he asked whether putting a cover over the building would be called a building and whether the municipal permission is required for that.
Similarly, you are asking one after the other. If you really want an appropriate answer to your query, better come out with complete facts at one go instead of in a piecemeal manner.
prabhakar singh
(Expert) 17 October 2013
The comment of Mr.Anirudh is very appropriate.
The answer to your 2nd post which reads
"Can bank recover loan amount from unregistered partnership firm." IS YES!
Raj Kumar Makkad
(Expert) 17 October 2013
I do agree with the advice of Anirudh.
Ms.Nirmala P.Rao
(Expert) 17 October 2013
Dear Client,
Section 69 of Partnership Act prohibits your rights springing from partnership contract and you cannot enforce any contracts of an unregistered firm against each other or third parties including any set off etc.However, you can SUI FOR DISSOLUTION AND ACCOUNTS. Better get it registered to avoid such disabilities under Section 69 on account of your firm being an unregistered firm.
,
Ms.Nirmala P.Rao
(Expert) 17 October 2013
f you are satisfied with my reply please press the Thank You button on my profile.
Devajyoti Barman
(Expert) 17 October 2013
Yes, Bank can recover the amount from unregistered partnership firm.
ajay sethi
(Expert) 17 October 2013
agree with experts . bank can recover amounts from un regd firm . get your partnership deed registered .
Guest
(Expert) 17 October 2013
Mr. Umesh,
Nice example by Shri Anirudh! In addition, I would like to add as follows:
I wonder, you being a private attorney, in what manner you have posted your two different questions, i.e., without showing any relation between the partnership deed, joint property, and the bank loan. An attorney, if presents the position in such a dilapidated manner, what can be the fate of the case can be the guess of anyone.
The following pertinent question arise out of your two queries:
1) Whether the partnership firm makes a mention of the joint property as the part of the partnership business?
2) Whether the joint property has been taken in to account as a part of the business assets?
3) Whether the bank loan is a business loan taken by the partnership firm, or that belongs to any individual partner or someone else for whom any of the partner would have become guarantor?
SO, both of your questions do not make any sense to be replied with particular reference to the business law, banking law or any other civil law.
Umesh
(Querist) 18 October 2013
Thanks experts for your valuable advice.
R.K Nanda
(Expert) 18 October 2013
ur welcome.
prabhakar singh
(Expert) 18 October 2013
Dhingra Ji!
Actually the author has very ulterior motive
and wants to fire on creditors who have lended his partnership firm and he is under impression that for debt only firm properties are liable but not that of partners ,hence the question?
He does not know that liability of
partners are joint and several,coextensive and unlimited and for discharge of debt of partnership all properties owned by partners whether belonging to partnership firm or not are liable to discharge debts due to firm.
So dear author !
Unfortunately you have not any occasion to thank us.
prabhakar singh
(Expert) 18 October 2013
A life time advise to author is that never conceal pregnancy to your gynecologist because in ultimate analysis truth would be
found that you are pregnant.
Guest
(Expert) 18 October 2013
Prabhakar ji,
You seem to be right in your observation.
Rajendra K Goyal
(Expert) 22 October 2013
Well advised, observed and commented by the experts, nothing more to add.
Sarvesh Kumar Sharma Advocate
(Expert) 16 October 2013
