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How can I sell my share in the property
29-Jun-2023 (In Property Law)
sri iam owner of shop also building we three paterner i want withdrawal my paterner ship in shop and building so what can i do can i
sir,
In the instance , you can with draw as a partner in partnership firm , according to the partnership terms and conditions , agreed and signed by the partners.
Therefore as a partner you can dissolve it by giving written notice of dissolution to other partners .
In the instance , you can with draw as a partner in partnership firm , according to the partnership terms and conditions , agreed and signed by the partners.
Therefore as a partner you can dissolve it by giving written notice of dissolution to other partners .
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Adv. Krishna Murthy Pasupula
Hyderabad | 100+ Answers
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Hi
if you intend to retire from partnership or sell your share of property, first issue notices to the other partners informing that you intend to retire from partnership and sell your share of property.
So the book of accounts/ valuation of building should be completed by independent auditors/valuers and value (Asset minus liabilities) of the shop and building is finalised.
then you can offer to sell your share to the other partners first( since they have the first right of refusal) and if they do not wish to exercise your offer, you can sell it to outsiders
keep all information in writing and through registered post with acknowledgement due so that all communications are documented.
if you intend to retire from partnership or sell your share of property, first issue notices to the other partners informing that you intend to retire from partnership and sell your share of property.
So the book of accounts/ valuation of building should be completed by independent auditors/valuers and value (Asset minus liabilities) of the shop and building is finalised.
then you can offer to sell your share to the other partners first( since they have the first right of refusal) and if they do not wish to exercise your offer, you can sell it to outsiders
keep all information in writing and through registered post with acknowledgement due so that all communications are documented.
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Adv. Rajagopalan
Hyderabad | 500+ Answers
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depending on partnership agreement as to what terms are agreed you can proceed further. You can withdraw from partnership by submitting a otice of resignation from partnership and further demand settlement of your account. However, till such date you will be liable for any acts, financial obligations of partnership. If they do not act upon notice, we can file a civil suit.
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