A Partnership firm was constituted in the year 1985 namely " M/S Universal trading" with 3 PARTNERS.
Name of three partners: Ajay Singh, Ved Singh, and Piyush.
In 1986, commercial land was purchased in the name of the partnership firm " M/S Universal trading".
In 1990, Ajay and Piyush retired from the Partnership firm by signing a dissolution deed and transferring all the assets in the name of Ved Singh.
Now Ved Singh is the only one partner of M/S Universal trading partnership firm with all assets and liabilities.
NO CONVEYANCE DEED/ SALE DEED IS EXECUTED AFTER THIS by any other old partners.
1998, Ved Singh made a new partnership deed with 2 new partners and opened the same business with the same name M/S Universal trading and in 2000 Ved retired himself from the partnership firm.
Ved Singh hasn't put any land in stock in the new partnership agreement.
My Questions are: Who is the owner of that commercial land now as it stands in the name of M/S Universal trading?
Is the old partnership firm dissolved?
A.Hello Client,
A partnership seizes to exist when partners chose to leave the business. In this case, after the other two partners left, it was no longer a partnership. The old land will belong to the new partnership only if it was transferred from the old to the new one.
Hope this helps.
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