Partner ship

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 January 2016 there are 3 partners in partnership firm they purchase aone flat for the business purpose and i want to know that this property will come undre whose name

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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04 January 2016 The property can be registered in the names of the three partners and the asset can be shown in the books of the firm.

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Amol S Joglekar

Amol S Joglekar (Expert)
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04 January 2016 It is partnership property. The registration deed may be done in the names of 3 partners.

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B SREENIVASA SETTY

B SREENIVASA SETTY (Querist)
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04 January 2016 it can be registered in the name of the partnership instead of partners name

Amol S Joglekar

Amol S Joglekar (Expert)
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04 January 2016 No. The partnership is not a juridical person. So the sub registrar should NOT allow you to do that.
And even if the sub registrar allows you to do so after accepting some money, please dont do that. Tomorrow the constitution of the firm may get changed by retirement or admission or death of any of the partners and you will be in trouble.