Partnership deed

Querist : Anonymous (Querist) 22 August 2024 This query is : Resolved
I want to know that if there is a partnership between two people and the profit share is such that the first party is asking for 60% share and the second party is asking for 40% share, then is the first party at home? He is investing money to run the guest house but the property is in my grandmother's name. Can the first party sell or take possession of the property.

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T. Kalaiselvan, Advocate (Expert) 22 August 2024
The partnership is not valid if they partners are trying to take the profits over the property that neither belong to them nor they have any rights over the property.
The grandmother's property shall be her own and absolute property till her lifetime and after her demise it will devolve on her legal heirs hence the grandchildren cannot claim any rights over it neither they can enter into any partnership deed also over a third party's property.

Querist : Anonymous (Querist) 22 August 2024
But first party want to Partnership deed for atleast 3 year is there any fraudulent happen on my grandmother property during this period.

kavksatyanarayana (Expert) 22 August 2024
Did your grandmother give it to the partnership business for rent and is there any agreement for rent? Is the partnership registered before the Registrar of Firms or not?

Querist : Anonymous (Querist) 23 August 2024
There's no agreement between us till now I want to know everything before the agreement.

T. Kalaiselvan, Advocate (Expert) 23 August 2024
The competent person to enter into a partnership with regard to this property revenue income is your grandmother and not you.
If the third party wants to enter into a partnership agreement, then you get the partnership deed vetted by a local lawyer and proceed only if everything is alright and there is no risk involved in it

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