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Partner retirement

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(Querist)
10 October 2013 what is the changes is made after retirement of the partner from partnership
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
10 October 2013 as long as you still have remaining two partners, you need not dissolve it. The PAN, TAN and other tax registrations shall hold good.

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V K Bajaj

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V K Bajaj (Expert)
11 October 2013 @ Mr Kaushik!

Please review your answer.

When a partner retires then a situation is created to dissolve it and write new Partnership Deed. Profit/Loss sharing ratio also gets changed when a partner retires.

On the date of DISSOLUTION DEED accounts books are to be closed and the Capital of retiring profit along with the profit/loss up to that date shall be carried forward as CURRENT account under New Partnership Deed.

Yes the PAN and TAN will remain same.

contact@vkbajaj.co.in
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