Acqisition of property

kiran 11111 (Querist) 21 November 2010 This query is : Resolved
Property can be purchased in the name of Company. Whethjer we can purchase a property in the name of partnership firm?

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A V Vishal (Expert) 21 November 2010
Yes, you can there is no bar.

Devajyoti Barman (Expert) 21 November 2010
Yes you can but at least any of the Partner will have to be shown in the deed of sale for representng the Firm.

kiran 11111 (Querist) 21 November 2010
But partnership firm is not legal person.I feel only legal person can acquire property.

Devajyoti Barman (Expert) 21 November 2010
That is why it is represented by its Partner.

A V Vishal (Expert) 21 November 2010
Refer S.14. of the Partnership Act, 1932.

THE PROPERTY OF THE FIRM.

Subject to contract between the partners, the property of the firm includes all property and rights and interest in property originally brought into the stock of the firm, or acquired, by purchase or otherwise, by or for the firm for the purposes and in the course of the business of the firm, and includes also the goodwill of the business.

Unless the contrary intention appears, property and rights and interest in property acquired with money belonging to the firm are deemed to have been acquired for the firm.