Conversion-from-partnership-firm-to-sole-proprietorship

umesh (Querist) 17 September 2016 This query is : Resolved
my firm was partnership and registered was registered under partnership act 1932 firm registrar form A , and form c
now (on 31 march 16) it was dissolved and deregistered and converted in sole proprietorship

now the question is firm having the property under name of partnership firm
in dissolution it is clear written the property and other assets and all rights shift to continue partner (now proprietor )
and there is no rights of second partner

can it sale by continue partner (proprietor) without any help of ex partner

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Raj Kumar Makkad (Expert) 17 September 2016
Once the terms of the dissolution deed of partnership are specific to the effect that all properties shall now belong to the sole proprietor then why there should be doubt that the sole proprietor shall become able or not to sale such properties. He has got all rights to move ahead as desired.

However, it is to be seen whether those properties stand owned by partnership firm or individual.

umesh (Querist) 17 September 2016
property purchase by partnership firm name

Raj Kumar Makkad (Expert) 17 September 2016
If the property was purchased in the name of partnership firm then on its dissolution, the person in whose share such property has been given, is competent to sale it but subject to the requirement that the dissolution deed should be duly registered.

umesh (Querist) 18 September 2016
dissolution deed is not registered but it is submitted in firm registrar for deregister the firm under partnership act
and convert into proprietary firm

Rajendra K Goyal (Expert) 18 September 2016
In the given facts, there seem to be no problem, however, full document need to be referred, discuss with local lawyer.

Raj Kumar Makkad (Expert) 18 September 2016
The property owned by firm cannot be sold by an individual unless the another partner has given his relinquishment by way of registered dissolution-deed.

Guest (Expert) 18 September 2016
You can't sell.

Mere mention in dissolution deed has no relevance, so far as property is concerned. Relinquishment deed or transfer deed was also necessary, as per Transfer of Property Act.

umesh (Querist) 18 September 2016
now the question is if ex partner is expired then what type of document is make by his legal heir member so that i can sale the property in future
please guide me

Guest (Expert) 18 September 2016
Mr. Umesh,

I knew your query is purely of academic nature, not a real problem, and that has been proved by your supplementary question by asking, "now the question is 'IF' ex partner is expired."

Had it been a real problem from where arises the question of presumption like, 'IF'?

Howevr, if it a real problem, I shall definitely reply provided you send a scanned copy of the dissolution deed through email, as a proof, at: sssfi2016@gmail.com

PLEASE NOTE, HYPOTHETICAL ACADEMIC QUERIES, DECEPTIVELY STATED TO BE A PERSONAL PROBLEM, DON'T DESERVE ANY REPLY. In that case, you should take help of your study material and text books or ask your class teacher.