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Property query ( partnership firm)
21-Jun-2023 (In Property Law)
Hi i have a property under a partnership firm ? There were 3 partners father and his 2 sons in the firm , after the death of father the firm continued and the undertaking (notary paper) was taken from fathers other 3 son and wife that they they don’t want to join the firm , so the firm is now under 2 sons ,
can the other 3 brothers claim right on freehold property which is in the name of firm ?
How can one partner take the entire ownership rights of the property , if the other partner is willing to give the right?
What is the best solution for one partner to get property safely so that no one can claim ownership in future in case of dispute ? And that partner can sell the property without any problem?
A perusal of the undertaking of the other 3 brothers is necessary to determine whether or not can they claim a share in the firm property. The entire firm property can be transferred in the name of one partner if the other partner decides to give his share of the property to that one partner by way of a relinquishment deed. Once the share is received by way of such relinquishment deed, mutation entry must be made in the name of the new owner. Post mutation, the person is free to sell or dispose of the property at his own free will.
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Adv. Tushar Kumar
Delhi | 200+ Answers
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Hello Sir I have perused your query. In these circumstances you can turn the partnership firm into a sole proprietorship firm in order to deal with all the profits and liabilities solely. You can register then it as a sole proprietorship firm.
For further information feel free to contact me. Thank you
For further information feel free to contact me. Thank you
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Adv. Love Kumar Soni
Goa | 200+ Answers
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