1) the retired partners are not required to sign the sale deed
2) it has to be signed by firm and authorised signatories of the firm
If a partnership firm decides to sell its immovable property such as land, will the retired partners who were originally partners and had signed the purchase deed while purchasing the concerned immovable property 30 years ago need to be present and sign the sale deed which is to be executed now?
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1) the retired partners are not required to sign the sale deed
2) it has to be signed by firm and authorised signatories of the firm
Hi
In law, a Partnership Firm is not a distinct legal entity and, therefore, the partners of firm are co-owners of the property of the firm.
Under the partnership act, the Dissolution of Partnership firm is different from Retirement of one of partners.
So, in this case, it is appears that some of the partners have retired and the firm continued in existence with other partners and probably may be with addition of new partners.
So, it is important in law, to have the Deed of Retirement duly registered after payment of stamp duty if it involves title, ownership and interests of a partner in any immovable asset held by partnership firm and the transfer of title, ownership and interests are properly recorded as per provisions of Transfer of Property Act.
So, please check whether of the Deed of Retirement amongst erstwhile partners are duly registered at Sub-Registrar office.
If the said deed of retirement of earlier partners, has not been registered, then the proper way to sell the immovable asset is by way of affixing the signatures of the original retired partners and all of the existing partners.
Hope this information is useful
1. If the retired partner signed the title deed in the capacity of the partner of the firm only then while selling after their retirement their signature is no more required.
2. The present partners in unison can sell the property lawfully .
3. o stop looking for retired partners and proceed with the job with present partners.
If firm still exits with other partners and retired partner has received his share if profit on retirement than no signatures require. Rest partners can sell the property.
Hope property is purchased in the name of Firm.
If you have submit the retirement of partner with the registered of the company. And all current partner's details are available as per the partnership norm currently with the Registrar of Company than no need to NOC or help of retired partner.
The property was bought by the partners on behalf of the company and not in individual names.
The property being the company's property, the partners cannot claim any right over it.
If a partner is retiring, then there is another partner to replace his place, therefore if the company decides to sell the property by following the procedures as mentioned in the articles of association, it can go ahead with the current partners, there is no need for the retiring partner to execute the sale deed jointly along with the current partners.
No, the retired partner is not required to sign the Sale Deed.
The sale deed has to be signed by an authorized representative of the PSF.
1. The signature of retired partners are not required on sale deed only the current partners need to sign the sale deed.
retired partners are not required to sign the sale deed.
present partners should have signed the sale deed executed in the name of the partnership firm.
1. Retirement of a partner from the firm relieves him from all his liabilities.
2. The sale deed has to be executed by the existing partners, not the retired partner who signed the sale deed as a buyer.
1. Partner who has retired by following due procedures of law CANNOT sign on ANY document (whichsoever) of the partnership firm. It would constitute prosecutable offences.
2. Imagine If said retired partner was dead then who would sign.
3. IF property is in name of Partnership Firm, THEN ONLY the present partners on record can sign on property related documents.