For a partnership firm in India, must a rental agreement require the office name or is it fine to just have a partner name in the rental agreement?
5 years ago
I have taken a premises on rent in my own name. now i wish give the same for business for a partnership firm in which i am a partner. Bank says that Rent agreement in name of firm is must. please guide.
Shreyash Mohta
Responded 5 years ago
A.Sir, as per your query lets make a few things clear here before getting started.
1. An individual and a firm are two separate legal entities.
2. Any problem regarding the firm will not make you personally liable [unless otherwise stated]
Having said that, you had taken the premises on rent and now want to give it to the partnership firm in which you are also a partner.
For the same, you partnership firms needs to have a rent agreement in its own name stating as such that the partnership firm is paying a certain amount of rent to the person from whom such premises has been taken. Such an agreement is a must and should be made, as it is the partnership firm who will be working on that premises and not you [who is a different person in the eyes of law]
Hope this helped
Shreyash Mohta
1. An individual and a firm are two separate legal entities.
2. Any problem regarding the firm will not make you personally liable [unless otherwise stated]
Having said that, you had taken the premises on rent and now want to give it to the partnership firm in which you are also a partner.
For the same, you partnership firms needs to have a rent agreement in its own name stating as such that the partnership firm is paying a certain amount of rent to the person from whom such premises has been taken. Such an agreement is a must and should be made, as it is the partnership firm who will be working on that premises and not you [who is a different person in the eyes of law]
Hope this helped
Shreyash Mohta
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A.Dear Sir,
If it is registered partnership firm or claiming some loan from then it must be in the name of firm.
For full procedure contact me on mobile through Vidhikarya.
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If it is registered partnership firm or claiming some loan from then it must be in the name of firm.
For full procedure contact me on mobile through Vidhikarya.
Rate me Five Star *
Please visit the following link.
https://vidhikarya.com/LawyerRating/9506c43f5d0b2d266a07
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A.When you do a business then you need to have all the relevant documents in the name of the business entity as that will help you to move ahead. Since its a partnership firm then the firm should have a place of business where anybody can walk in or any official of bank or government can pay a visit. Secondly for any legal entity to show existence two things are important; The identity (like PAN, Aadhar in case of individual and certificate of incorporation and partnership deed for organizations) and Address proof. The partnership firm has to have a address proof in the form of the rental agreement for the place where it is operational from.
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