Can Registered Partnership Firm purchase and registered land and building (property) in its name
This query is : Resolved
18 November 2024
Dear Sir
Can Registered Partnership Firm purchase and registered land and building (property) in its name.
If yes under which section of Partnership Act or any other Act.
Regards
K M Goyal
Can Registered Partnership Firm purchase and registered land and building (property) in its name.
If yes under which section of Partnership Act or any other Act.
Regards
K M Goyal
18 November 2024
Section 14 in The Indian Partnership Act, 1932
Subject to contract between the partners, the property of the firm includes all property and rights and interests in property originally brought into the stock of the firm, or acquired, by purchase or otherwise, by or for the firm, or for the purposes and in the course of business of the firm, and includes also the goodwill of the business.
Unless the contrary intention appears, property and rights and interests in property acquired with money belonging to the firm are deemed to have been acquired for the firm.
Subject to contract between the partners, the property of the firm includes all property and rights and interests in property originally brought into the stock of the firm, or acquired, by purchase or otherwise, by or for the firm, or for the purposes and in the course of business of the firm, and includes also the goodwill of the business.
Unless the contrary intention appears, property and rights and interests in property acquired with money belonging to the firm are deemed to have been acquired for the firm.
18 November 2024
Yes, a Registered Partnership Firm can purchase land and building (property) in its name.
In India, a partnership firm registered under the Indian Partnership Act, 1932, is considered a separate legal entity from its partners. As such, it can own assets, including immovable properties like land and buildings.
The partnership deed should authorize the firm to acquire and own immovable properties. A resolution should be passed by the partners authorizing the purchase of the property.
In India, a partnership firm registered under the Indian Partnership Act, 1932, is considered a separate legal entity from its partners. As such, it can own assets, including immovable properties like land and buildings.
The partnership deed should authorize the firm to acquire and own immovable properties. A resolution should be passed by the partners authorizing the purchase of the property.
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