Partnership related query
Sumeet
(Querist) 10 January 2023
This query is : Resolved
Hi Dear Lawyers and experts,
A Partnership firm was constituted in the year 1985 namely " M/S Universal trading" with 3 PARTNERS.
Name of three partners: Ajay Singh, Ved Singh, and Piyush
In 1986, commercial land was purchased in the name of the partnership firm " M/S Universal trading".
In 1990, Ajay and Piyush retired from the Partnership firm by signing a dissolution deed and transferring all the asses in the name of Ved Singh.
Now Ved Singh is the only one partner of M/S Universal trading with all assets and liabilities.
NO CONVEYANCE DEED/ SALE DEED IS EXECUTED AFTER THIS by any other old partners.
1998, Ved Singh made a new partnership deed with 2 new partners and opened the same business with same name M/S Universal trading and in 2000 Ved retired himself from the partnership firm.
Ved Singh hasn't put any land in stock in new partnership agreement.
My Questions are :
Who is the owner of that commercial land now as it stands in the name of M/S Universal trading?
Is the old partnership firm dissolved?
kavksatyanarayana
(Expert) 10 January 2023
As Ajay and Piyush retired from the Partnership business, dissolution was made, and all the assets were transferred to Ved Singh. So that firm was automatically closed. He opened the same business with other partners as a New business. So the assets are with Ved Singh and he is the owner.
Sumeet
(Querist) 10 January 2023
Thank you Kavksatyanarana Sir for your reply.
SIr, this means new partners of partnership firm has nothing to do with the property right?
I can see in the new partnership deed niether any assets has been put in the stock of new partnership firm nor any conveyence deed is executed.
This means Ved Singh is the only owner of the property now?
kavksatyanarayana
(Expert) 11 January 2023
Yes. As per the given facts, Ved Singh is the owner.
P. Venu
(Expert) 18 January 2023
The posting appears to be a riddle than a query. What is the context for this query?
