partnershipfirm
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 May 2010
My one of the client having partnership firm. Firm having two partner Mr.A & Mr.B. Mr.A expired on 27-03-2010. What is the status of Firm. Firm becomes proprietor ship or firm & if firm who becomes automatically new partner
07 May 2010
Generally, the partnership deed provides for the admission of another partner or dissolution of the firm in case of death of any partner.
However, if not so, then with the consent of the legal hier of the deceased person a new partner may be added or the frim can be dissoved or firm can be continued as a proprietor.
And in case the consent is not avilable, then the firm can be dissolved or the existing partner can continue the firm as proprietorship by giving the goodwill and share of the deceased partner to his legal hier.
However, if not so, then with the consent of the legal hier of the deceased person a new partner may be added or the frim can be dissoved or firm can be continued as a proprietor.
And in case the consent is not avilable, then the firm can be dissolved or the existing partner can continue the firm as proprietorship by giving the goodwill and share of the deceased partner to his legal hier.
08 May 2010
Agreeing with the learned member
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- ITDS U/S.194T of Firm
- TDS ON EMAIL DOMAIN SERVICE BILL
- GST Rate for Catering Services
- Cash balance limit and property purchases limit
- Journal entry of busniess expenses
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
