Partnership firm, transfer of property, stamp duty, registra
Querist :
Anonymous
(Querist) 21 January 2021
This query is : Resolved
A partnership firm namely M/s HJKL ASSOCIATES, registered with 13 partners in 1964 at REGISTRAR OF FIRMS, MAHARASHTRA, registration number G 67543, doing business of construction, purchase - sale of land and property, also all land records -6/12, 7/12, property card, saws in name of M/s. HJKL ASSOCIATES.
In 1978 Mr. Ashok Gupta join as a 14th partner with 11% profit loss ratio. In 1979 all 13 partners retire and firm has been dissolved and get certificate from REGISTRAR OF FIRMS, so as per this Mr. Ashok gupta is sole proprietor of firm with 100% holding.
In 1980Mr. Ashok Gupta bring two more partners namely A & B with the same firm name M/s. HJKL ASSOCIATES with equal profit and loss ratio.
In 1981 ashok gupta retire,
In 1982 more three partners joined namely C, D AND E.
In 1983 partner B retired, &
In 1984 partner A retired, so status of partnership firm M/s. HJKL ASSOCIATES with 3 partners namely C, D, and E.
In 2001 three partners C, D, E register the partnership firm in name of M/s.HJKL ASSOCIATES in REGISTRAR OF FIRMS, MAHARASHTRA and get registration number G-90698, and in form A mention only three partners name C, D, E without informing past partnership deed and partners information from 1964 to 1983. and they saw on company letterhead we are doing business from 1984 with mr. A in firm M/s. HJKL ASSOCIATES and mr, A retired
After 1978 no body has done any property registration, paid stamp duty, add or remove name at any land record offices, In title search report we can see firm name M/s. HJKL ASSOCIATES with 13 partners of 1964.
* Mr. Ashok gupta never pay any stamp duty, registration of property, never get conveyance deed after get 89% more ratio in property. And died in 2004.
my queri is who is actual land lord of property, and which firm can claim property, which partners liable or claim to do registration, pay stamp duty, for transfer of property and get conveyance deed to sell the property to new firm or person. On which technical legal point we can match connection from old registration firm with new registration firm
kavksatyanarayana
(Expert) 21 January 2021
In the year 1978, a partner joined the partnership business and in the year 1979 thirteen (13) partners retired. That means the Firm (partnership business) was dissolved. So with one partner, you cannot do partnership business. But he used the name and do the business as a proprietor? The did he obtain permission from the labor officer? With the same name how could another partnership business start? It is better to consult a local senior C.A. of your area.
Querist :
Anonymous
(Querist) 21 January 2021
Yes he used name as a sole proprietor and start partnership with mr.A & B after 11 months , no get any permission from any Labour or government offices.
T. Kalaiselvan, Advocate
(Expert) 05 June 2021
Upon the dissolution of the partnership firm the assets of the firm would be disposed as per law governing the issue.
section 46 of partnership act provides that once the firm is dissolved, each partner or their representative shall be entitled against the rest of the partners to have the firm's property applied to pay the debts and liabilities of the firm.
When a partnership or a corporation winds up its operations, it has to liquidate and distribute its assets to the owners or shareholders. The partnership or corporation must assemble its assets, settle with creditors and debtors, and distribute its remaining assets among the owners or shareholders.
Therefore the partnership started in the year 1964 did not exist after it was dissolved in the year 1979.
The new firm was started by the new partner as a sole proprietorship firm and subsequently it was converted into the partnership firm hence any property bought on the name of the firm shall remain as the assets or property of the firm and no individual can claim the same for any reason.
