Dear Sir,
I would like to know whether the Change in Constitution (Partners & their name change) reflects in the Land registered/used by the Partnership Firm?! Now, the running partners handover the business and land used by them to other persons (who are to be continuing partners) & exit from the said business. In this case, the firm continues but partners changed. So, is that sufficient to make a "Resolution" by partners and handover the entire assets/liabilities including land to the forthcoming partners and inform the same to District/Firm Registrar for name transfer of partners in Firm's land, who is said to be owners of the Firm and land; Or again, we need to register the land (here the Firm name same but different partners) and shell out extra money for registration. Here, are need to pay the Registration fee again or only name transfer fee (any such) is sufficient? If so, What's procedure for Name tranfer(Title same) in the registered firm's land. Pls advise. Thanks!
As per your query, the land was purchased in the name of the Firm. When some partners of the Firm are going out and others are entering the Firm. so the outgoing Partners have no right over the property as they foregoing their right and taking some amount towards their share and profit amount according to their share. So while finling of Form V (in some states VI/VII) they have to pay 2% stamp duty( it varies from one State to other State) on Market value of the land.
