Death of a partner with only 2 partners
This query is : Resolved
15 July 2023
There are 2 partners in a firm , one of the partner died so whether it becomes proprietorship concern now but pan is in the name of the firm, how to keep the same firm name going, does the asset becomes the asset of the existing partner, not able to understand how to go about it..
Thanks you
Thanks you
15 July 2023
it is settled law that ordinarily on the death of a partner, the partnership firm is automatically dissolved vide section 42 of the Indian Partnership Act.
16 July 2023
Thank u so much Sir, u r always a great help then whether the pan of the firm will be non existent or can a new partner be added to the same firm
16 July 2023
Yes, the firm gets automatically dissolved and PAN has to be surrendered.
Existing partner has to complete the formalities of any tax liability till the time of dissolution.
He can form second partnership firm may be under same banner, if permitted, may transfer his original assets to new firm and apply for new PAN no.
Existing partner has to complete the formalities of any tax liability till the time of dissolution.
He can form second partnership firm may be under same banner, if permitted, may transfer his original assets to new firm and apply for new PAN no.
17 July 2023
You are welcome.
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