I and my brother have a partnership firm. I purchased a plot and transferred it into the Partnership's firm name. Now the plot is in the name of the partnership's firm.
My Question is-
If I dissolve the partnership firm, retire my brother and make a new partnership firm with 2 more partners and retire myself so that new partners run the partnership firm. To do this I make dissolution deed, new partnership deed, and retirement deed and change the constitution of the firm and submit all papers to registrar of the firm.
So, by just making partnership deed and retiring myself, The Plot which is in the name of firm will also be transferred in the name of new partners.
or to transfer immovable property in the name of new partners i have to make release deed or sale deed and get it registered in sub registrar under section 17 of registration act
HOW TO TRANSFER IMMOVABLE PROPERTY IN THE NAME OF NEW PARTNERS OF A PARTNERSHIP FIRM?
20 August 2019
Dear Supreet Singh you have transferred the property in the name of partnership firm. Now your main query is that you want to transfer the plot to the new partners through new partnership deed by retiring yourself and your brother from the existing partnership firm. If this is the case then first of all before retiring either yourself or your brother add two or more new partners as you want to add in the existing partnership firm and submit the required intimation with new supplementary partnership deed in the office of Registrar of Firms for registration. Now after some time retire yourself and your brother simultaneously from the partnership firm and prepare retirement deed and declaration deed that all the assets and liabilities of the partnership firm has been retained by the continuing partners and both the retiring partners have taken their capital shares from the existing partners and now the retiring partners or their legal heirs, successors or assigns have no right in the existing partnership firm or its assets or liabilities. Thus you can transfer the Plot to the new partners without any registration of property. If you dissolve the partnership firm when retire your brother in first hand and then add other new partners in that case you have to partition the property between you and your brother as in that case the partnership firm would be dissolved with distribution of its assets and liabilities. This is based on your query as stated hereinabove. Final advise may be given after going through the original documents of partnership firm as well as the said property. For further clarifications you may contact us at 9899390850 or write us at firstname.lastname@example.org
21 August 2019
Any agreement executed with a partnership firm comes to an end at the time of its dissolution. New firm can not inherit such property It would be advisable to consult a local prudent lawyer with relevant records for better appreciation of facts, guidance and proceeding.
21 August 2019
Your only requirement is that two new persons admitted into the partnership will hold title to the property held by the existing firm and the existing two partners will retire from the firm. To achieve this objective, I would suggest you to admit the desired two persons in the existing firm first through a reconstituted deed duly registered. Thereafter, the existing partners can freely retire from the existing firm adopting the same procedure relinquishing all rights in the property in question held by the firm. In this way you will avoid registration of Deed of dissolution of firm as well as creation of new partnership firm. Hope, this meets your requirement.
21 August 2019
Dr J C Vashista you are very senior expert here on this platform and I do read your opinions. I could not understand why do you misguide the persons here by irrelevant suggestions and that too before reading other opinions thoroughly and carefully and most of the times your suggestion is consult a local lawyer. If our opinion is only that to consult a local lawyer then what we and you the experts are doing here? Are we here to give suggest only to consult a local lawyer or expert? If this is the only motive of this platform then I think we must left this platform as every person knows it very well. Here the person comes to get different opinions of different experts on the subject matter. Here you are saying that New Firm cannot inherit such property. Would you like to tell where is the new Firm in this case and opinions given by experts? There is no firm is going to be dissolved in such scenario only some persons are joining as new partner and some are going out from the existing firm and all the assets and liabilities of the firm are with the remaining partners of the partnership firm. The partnership firm has not dissolved nor it has lost its existence only the partners are coming and going without changing the constitution and status of the firm. If any thing or any of my word has hurt you or your feelings then I apologies. With Regards