Kush Kanodia (Student) (38 Points)
17 January 2016Can Shares held by a partnership in a private company be gifted?
The partneship consists of two partners. Can one partner relinquish his right in the shares to the other partner?
The partnership may also be dissolved if so required.
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 18 January 2016
gifted to ........................?
as partnership firm dillsolution is not a mere paper work but it needs dissolution deed registered with regirstar of assurances, and needs to pay stamp duty as per current market valuation.
so
if the shares are to be transferred to any 3rd party non related to the partners directly or indirectly, then finish that work, as in such situation the buyer has to bear the transfer fees, > get the shares transffered in name of buyer, then think of dissolution.
in partnership deed there may be authorization of signatory to any one or a certain group of partners for execution of such transferred, read your deed of partnership carefully for such terms and conditions
Kush Kanodia
(Student)
(38 Points)
Replied 19 January 2016
Thank you for your prompt reply. There are two partners in the firm, one of whom is to be gifted the shares, by the partnership. The partnership dissolution can be delayed but transfer of shares is urgently required.
CAclubindia
