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.
- Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Corporate Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
Get Started >>
Answers by Our Lawyers
- Husband brought house sold after I filed case how to claim maintenance
- How to get back gifts received by me from my in laws
- Is it possible to claim right on property for ancestral property
- Delay is possession of flat what can I do
- Does registration law differ from state to state in India?