Ownership of land
This query is : Resolved
30 September 2009
Should the land of a private limited company be registered in the name of the company?Or is it acceptable if the land is owned by the directors and is registered in the name of the directors
Manish Soni
(Expert)
30 September 2009
The land should be registered in the name of the company but as the company is an artificial person, directors shall act on behalf of company and sign the conveyance deed/other documents in the capacity of director of the purchasing company.
If land is purchased in directors' name then it wil appear in his personal balance sheet but if purchased in the name of the company it will appear as fixed asset in its balance sheet.
Regards,
Manish Soni
If land is purchased in directors' name then it wil appear in his personal balance sheet but if purchased in the name of the company it will appear as fixed asset in its balance sheet.
Regards,
Manish Soni
Message likes :
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Manmohan ACA, CS
(Expert)
01 October 2009
agree
02 October 2009
The concept of SEPARATE LEGAL ENTITY is to be kept in mind. Agree with experts
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