Please let me know in an unregistered Partnership Firm who are the owners of the property in
the name of the Firm.
Can individual partners claim a right over the property or can they claim only the networth ?
P.Frederick
P.Frederick (Proprietor) (24 Points)
14 September 2013Please let me know in an unregistered Partnership Firm who are the owners of the property in
the name of the Firm.
Can individual partners claim a right over the property or can they claim only the networth ?
P.Frederick
Studentsca
(CA Practice )
(3577 Points)
Replied 14 September 2013
It is compulsory to register a partnership firm in Maharashtra (depends on respective state laws) . The assets of the partnership firm, is the property of the partners if bought from the firm's Income i.e both the partner's have same rights in the ratios as decided in the partnership deed. But the problem with unregistered Partnership firm is that the cannot take legal action against 3rd party or go to court.
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
