Transfer of Firm & Proprietorship/Directorship
amit
(Querist) 18 February 2009
This query is : Resolved
Dear sir,
Manish is running a firm,on which he has taken OD limit from one bank & Bank Loan as LAP from another bank.He is also a Director of one of his company.Now,he wants to transfer his proprietorship of firm & directorship of company to one of his family member so that he can go abroad.
here i want to ask how can Manish transfer his proprietoship & directorship while the OD & Loan of banks are on his name.Do bank have any objection and what r the formalities?
Sushil Kumar Bhatia
(Expert) 19 February 2009
dear,
If a person has taken loan in his personal capacity then he will be liable to pay the loan ammount if he has taken loan in firm's name then firm will be liable to pay loan ammount if proprietor/partner wants to retire from firm he can and other partners/proprietor will be liable to pay loan taken by the firm
A. A. JOSE
(Expert) 19 February 2009
If Mr.Manishn which Mr.Manish running is a Proprietoryship firm, where is the question of his transferring the Directorship please. It would have been proper if specific facts are given with clear indication as to the type of firm,ie. whether it is Partnershp or proprietorship., rather than raising such general questions.
