arumugam 24 May 2016

Tansfer of property in partnership firm

dear sir a registered partnershio firm with A and B as partners with 50% partnership each is buying a property in the partnership firm name.the fund for the property is received from a loan.after execution of sale deed two new partners C and D are entering as partners and A and D are exiting by proper amendment registration.now my doubt is what will be the status of property bought by old partners .whether it will be the property of the existing partnership firm with partners C and D.if not then what will be the status

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kavksatyanarayana (subregistrar/supdt.(retired)) 24 May 2016

the partners purchased the property in the name of FIRM. and if any changes i.e. incoming/outgoing partners the outgoing partner will take his assests/liabilities accordingly to his share. and at the time of dissolution of the Firm, the properties shall be distributed between the continuing partners who are at the time of dissolution.