How to dissolve a partnership firm?
I want to close partnership firm. We are 2 partners. One partner provided financial support and another partner provided expirence. What is the process of dissolution of a partnership firm and how much time does it take?
A partnership can be dissolved on the happening of certain contingencies, subject to contract between the partners a firm is dissolved.
if constituted for a fixed term, by expiry of that term,
if constituted to carry out one or more adventures or undertakings, by the completion thereof,
by the death of a partner,
by the adjudication of a partner as an insolvent.
You need to make a dissolution deed by all the partners and get it registered. Apart from it you need to surrender your firm's PAN along with a copy of dissolution deed. The division of properties and assets between partners in the event of dissolution of the partnership firm may be in the ratio mentioned by you .
Till division takes place, no partner has any specific right to any specific property of the firm.
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