quesHow 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?

  • ansA 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.
  • Related Articles

Consult best Corporate lawyers in India

Similar questions

How to register a sole proprietorship firm in India?
Hi, I have an query my wife has taken maternity leave from January 2017 is…
What are the restrictions, rules and procedures for setting up a private aerospace and defense…

Hi. We are planning to launch a website and later on App which is related…

Corporate Lawyers in India

Advocate Dr.Gubbi S Subba Rao

  K G Road
 Experience: 31 years

Advocate Sukhwinder Singh Rai

  District Court, Ludhiana
 Experience: 17 years

Advocate Rajesh K.S

  Rajaji Nagar
 Experience: 11 years

Dr. Sudhir Ravindran

 Experience: 18 years

View all >>

How it Works

Know how LawRato makes legal advice easier and effortless

Ask a Free Question

Post a question and get free advice from multiple lawyers

Talk to a Lawyer

Easily find and book private consults with top lawyers in India

Get Fee Estimate

Receive multiple quotations for your legal requirement instantly