Transfer of asset (place taken on rent under pagadi system)
3 years ago
I own a coaching class business under proprietorship and have taken a place on rent under pagadi system to run the business (under the name of coaching classes). I wish to now transfer the business to either one (proprietorship) or both sons (partnership). My first question: can this be done and if yes, how? My second question: if i transfer the business, what happens to the place taken on rent to run the business?
A.Dear Sir,
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Ayantika Mondal @ Prime Legal
Responded 3 years ago
A.Hi,
1. You will have to execute a transfer deed.
2. If the lease in in your name, then you will have to keep paying the rent. If it is in the business's name, then the new proprietors have to pay the rent and be allowed to use the space.
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1. You will have to execute a transfer deed.
2. If the lease in in your name, then you will have to keep paying the rent. If it is in the business's name, then the new proprietors have to pay the rent and be allowed to use the space.
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A.Hi,
1. Yes, you can execute a transfer deed. You can transfer sole proprietorship or convert it into a partnership.
2. This depends on the name on the lease. If you rented it using the business's name, then the new proprietors can continue using the space. If it is in your name, the you will remain liable for it until the lease is changed.
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1. Yes, you can execute a transfer deed. You can transfer sole proprietorship or convert it into a partnership.
2. This depends on the name on the lease. If you rented it using the business's name, then the new proprietors can continue using the space. If it is in your name, the you will remain liable for it until the lease is changed.
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A.1. Yes by executing a transfer deed
2. If you transfer the business, getting consent from the landlord you can enter into a new rental agreement between the landlord and the transferee .
2. If you transfer the business, getting consent from the landlord you can enter into a new rental agreement between the landlord and the transferee .
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