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SAMEER KUMAR SINGH (PRACTICE)     18 February 2012

Can a partnership firm hold property??? in its name

 

Can a Partnership Firm hold any immovable preperty in its name????

Transfer of properties Act 1882 reads as under

 

 

(A) Transfer of property, whether movable or immovable

5. Transfer of property defined
In the following sections "transfer of property" means an act by which a living person conveys property, in present or in future, to one or more other living persons, or to himself and one or more other living persons; and "to transfer property" is to perform such act.

In this section "living person includes a company or association or body of individuals, whether incorporated or not, but nothing herein contained shall affect any law for the time being in force relating to transfer of property to or by companies, associations or bodies of individuals.

 

As per General clauses Act also 'person' includes a company or association or body of individuals, whether incorporated or not

Now the question is whether "living person" includes Partnership Firm or not???????

Thanks and regards



Learning

 6 Replies

sridhar pasumarthy (ADVOCATE)     18 February 2012

Yes, a partnership firm can hold property in its own name.

Persons who have entered into partnership with one another are called individually, "partners" and collectively "a firm".

Shantilal Pandya ( Advocate)     19 February 2012

a partnership firm   may   or may not  be  incorporated , but it  does not matter  for holding property   , the  statutary provision  is very much  clear! the firm is  a juristic  person .

K.P.Satish Kumar (Advocate)     19 February 2012

Your partnership firm can buy or sell property in its name.

K.P.Satish Kumar M.L.

Advocate Chennai

@ 9962999008

https://propertyadvocates.blogspot.com

SAMEER KUMAR SINGH (PRACTICE)     19 February 2012

Thnks for your response but 

please give some legal precedents about this  

akash kapoor (*************)     20 February 2012

PARTNERSHIP IS AN LEGAL RELATIONSHIP. IT IS AN ABSTARCT PHENOMENAN. THIS BINDS THE PARTNERS TOGETHER IN A FIRM. A FIRM CAN HOLD PROPERTY IN ITS OWN NAME.

Parth Bhagat   14 June 2019

Law is not clear in tthis regard.

Under section 5 of Transfer of property act, a living person can transfer property to a living person. Further living person includes company, asociation of persons, body of individuals , whether incorporated or not.

One view is possible with considering the firm as bbody of individuals not being registered, along with a fact of firm being an jurisdictional person.

under TOPA law is unclear, and as per section 14 of partnership act, firm can acquire property in its name.

Generalia specialibus  non derogant

 

 

 

Therefore with best of uunderstandings, firm can acquire property in its name.

 


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