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Q.For a partnership firm in India, must a rental agreement require the office name or is it fine to ju...

Q. For a partnership firm in India, must a rental agreement require the office name or is it fine to just have a partner name in the rental agreement?

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Anonymous

posted 1 week ago

I have taken a premises on rent in my own name. now i wish give the same for business for a partnership firm in which i am a partner. Bank says that Rent agreement in name of firm is must. please guide.
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A. Sir, as per your query lets make a few things clear here before getting started.

1. An individual and a firm are two separate legal entities.
2. Any problem regarding the firm will not make you personally liable [unless otherwise stated]
Having said that, you had taken the premises on rent and now want to give it to the partnership firm in which you are also a partner.
For the same, you partnership firms needs to have a rent agreement in its own name stating as such that the partnership firm is paying a certain amount of rent to the person from whom such premises has been taken. Such an agreement is a must and should be made, as it is the partnership firm who will be working on that premises and not you [who is a different person in the eyes of law]

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Shreyash Mohta

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Shreyash Mohta

Experience: 1 Year(s)

Responded 1 week ago

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A. Dear Sir,
If it is registered partnership firm or claiming some loan from then it must be in the name of firm.
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Kishan Dutt Kalaskar Retired Judge

Experience: 33 Year(s)

Responded 1 week ago

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A. When you do a business then you need to have all the relevant documents in the name of the business entity as that will help you to move ahead. Since its a partnership firm then the firm should have a place of business where anybody can walk in or any official of bank or government can pay a visit. Secondly for any legal entity to show existence two things are important; The identity (like PAN, Aadhar in case of individual and certificate of incorporation and partnership deed for organizations) and Address proof. The partnership firm has to have a address proof in the form of the rental agreement for the place where it is operational from.

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Abhimanyu Shandilya

Experience: 14 Year(s)

Responded 1 week ago

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