Exclusive HOLI Discounts!
Get Courses and Combos at Upto 50% OFF!
Upgrad
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

RAIHAN UL HAQUE (PROPRIETOR)     01 August 2017

Function of resolution of partnership firm

Sir, please inform whether one of the partner of a Partnership Firm can sell firm property i. e. vehicle with the help of mutually agreed resolution. Pl provide a legal documents in support of your comments.


Learning

 5 Replies

G.L.N. Prasad (Retired employee.)     02 August 2017

If the vehicle is in the name of the firm in books, if the sale letter is signed by all the partners, then what is the need for citations ?  The only condition is that it should be a prudent transaction, in the interest of the firm, with consent of all the partners.  The duties and responsibilities depend on the deed entered and signed by all partners, and the deed should specifically say about such dealings, opening and operation of bank accounts, disposal of assets, etc.  If it is in accordance with the expressed powers conferred on the partner, it is a valid transaction.

Advocate Bhartesh goyal (advocate)     02 August 2017

If vehicle is in name of firm then either all the partners of firm should sign on sale letter or one partner having other partners power of attorney to sale vehicle can sign.
1 Like

RAIHAN UL HAQUE (PROPRIETOR)     02 August 2017

Sir then power of atorney will be registered or notary? Pl inform

G.L.N. Prasad (Retired employee.)     02 August 2017

If the partnership deed was registered, and if an individual or joint can operate or empowered to operate financial transactions, that powers stated in deed or sufficient.

1 Like

RAIHAN UL HAQUE (PROPRIETOR)     02 August 2017

Sir thank you all of you for your support. Again I request you to submit a legal document in favour of the comment that one of the partner of a Regd firm can sell out a a moveable property of the firm with the help of a unregistered power of attorney,which I can produce to the RTO .


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register