Purchase of commercial premise
Advocate@Law Field
(Querist) 25 July 2013
This query is : Resolved
Dear Sir/Mam,
I intend to start small business with my 4 friends jointly in which we all will be equal partners for profits. For this purposes We are in process to form a partnership firm. In this regard I have some queries So plz guide me.
1) Is it necessary to form Partnership Firm to buy commercial shop for said business? If so, Should it be registered one?
2) Which kind of Agreement should be executed between us?
3) If there is Bank Loan, is there any mortgage conditions i.e. Guarantors etc.?
4) What will you suggest about Valuation of the property as well as registration Fee?
Thnks in advance
ajay sethi
(Expert) 25 July 2013
contact a local lawyer . commercial property market is witnessing a down trend on account of slowdown in the economy .
enter into partnership deed . get agreement duly stamped and regd
Advocate@Law Field
(Querist) 25 July 2013
Should I get licence/certificate as per The Bombay Shops and Establishments Act, 1948?
adv. rajeev ( rajoo )
(Expert) 25 July 2013
Registration of partnership firm is not necessary, but registration is better.
Rajendra K Goyal
(Expert) 25 July 2013
1. Commercial property can be purchased by individuals jointly (in the names of all four) instead of firm. Registration of partnership is optional but for registered partnership certain legal benefits are available.
2) Partnership agreement.
3) Depends upon Bank. Generally Bank ask for collateral security.
4) Valuation of property depends upon many aspects, no particular thumb rule can apply. Registration fee differ state to state.
Better contact your local lawyer with all the information, documents.
