Want to introduce new partners in partnership firm

A partnership firm having immovable assets can induct new partners and release old partners . is registration required for the immovable property involved.

Answers (2)

199 votes

If the property is listed as an asset of the partnership firm, then no registration would be required.
However, if it is not then it is advisable to make the necessary changes. So that the title of the property with the firm is not questionable.

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234 votes

The partnership firm can induct new partners and release old partners, but upon such induction/release, a fresh deed of reconstitution needs to be executed incorporating the changes. Further as regards the immovable property, it is mandatory for the property to be registered as there is transfer of right.

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