unregistered partnership firm
5 months ago
an unregistered partnership firm holds an immovable property after which the unregistered partnership firm was reconstituted, what will be the implication on the immovable property held post reconstitution?
A.Dear Client,
If the title/ownership of the property is in the name of the partnership firm, then until and unless the firm is dissolved either by a resolution of partners or by the order of the Court/Authority, the ownership of the property shall continue with the name of the partnership firm. Reconstitution of a partnership firm on the execution of a reconstituted deed of partnership alters or amends the existing constitution of the firm that has no role to play or any effect with regard to ownership of the property of the firm till it exists. However, an unregistered partnership firm has no legal entity and locus stamdi to sue or be sued until and unless it is registered under Sec.58 of the Partnership Act, 1932.
If the title/ownership of the property is in the name of the partnership firm, then until and unless the firm is dissolved either by a resolution of partners or by the order of the Court/Authority, the ownership of the property shall continue with the name of the partnership firm. Reconstitution of a partnership firm on the execution of a reconstituted deed of partnership alters or amends the existing constitution of the firm that has no role to play or any effect with regard to ownership of the property of the firm till it exists. However, an unregistered partnership firm has no legal entity and locus stamdi to sue or be sued until and unless it is registered under Sec.58 of the Partnership Act, 1932.
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A.Dear Client
The reconstitution of the partnership firm may impact the rights and liabilities of the partners concerning the immovable property. The new partnership agreement should explicitly address the ownership, management, and responsibilities related to the property. Depending on the terms of the reconstitution, there might be provisions for the transfer of the property from the old firm to the reconstituted one. Any such transfer should be executed with proper documentation to ensure the legal transfer of ownership.
The reconstitution of the partnership firm may impact the rights and liabilities of the partners concerning the immovable property. The new partnership agreement should explicitly address the ownership, management, and responsibilities related to the property. Depending on the terms of the reconstitution, there might be provisions for the transfer of the property from the old firm to the reconstituted one. Any such transfer should be executed with proper documentation to ensure the legal transfer of ownership.
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