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Durai (MS)     12 April 2012

Partnership firm

Hi, We have a partnership firm which is unregistered. Upon family partition this property got allocated to my dad. When consulted an CA, he advised me to join as a new partner on a admission retirement and reconstitution deed where the other partners retire after I join. Then on dissolution my dad gets clear title. Can this be done. Will there be any problem in the future? Original partners are not family members.


 2 Replies

k.chandrasekharan (advocate)     13 April 2012

Depends upon the fact whether the property has been ceded to the partnership firm as part of capital brought in as artner, by the owner of the property or the property has been offered as security for the debt contracted by the firm and the debt is still outstanding.

There are tax implications and your Chartered Accountant is a better person to advise you on the matter than a lawyer. CA s too are adequately equipped in law relating to property in their studies and on-field experience. When a complicated question is involved and a litigation is probable, then your CA will advise you to take the assistance of a lawyer on the issue determined by him as of legal import.

Durai (MS)     05 May 2012

Thanks for the reply. The property was bought with funds provided by my grandfather upon his advise my dad, my dads brothers wife, my grandfathers brothers sons were made partners. All documents will be having the phrase purchased for this firm represented by its partners and all names follows. So my CA advised an admission retirement reconstitution deed where I join and then the other 3 retire. Will this get clear title? The partnership firm was not registered and hence the reconstitution deed will also be unregistered. Please help? Thanks

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