Purchase of shares of all partners by one partner in a Partnership firm
This query is : Resolved
Quick Summary
26 September 2021
In a partnership firm one partner purchase the shares of all other partners. In such a case
1. Whether the business can carry on as partnership firm or as a sole proprietorship firm ?
2. Can the existing PAN will exist any more ?
3. In which PAN the ITR will be submitted ?
4. Whether existing GSTR will continue or require new GSTR ?
Kindly advice.
1. Whether the business can carry on as partnership firm or as a sole proprietorship firm ?
2. Can the existing PAN will exist any more ?
3. In which PAN the ITR will be submitted ?
4. Whether existing GSTR will continue or require new GSTR ?
Kindly advice.
26 September 2021
Has partnership dissolved?
26 September 2021
There is a agreement between partners by which all partners sold their shares to one partner. Business is running in the same name and way as earlier. No separate documents about dissolution of Partnership firm.
26 September 2021
So, nothing has changed as per constitution of the firm, except capital contribution.
PAN TAN GSTIN ..... etc... remains same....
PAN TAN GSTIN ..... etc... remains same....
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28 September 2021
Thanks sir
One confusion, if business will submit its ITR through its exiting PAN, then how the proprietor will submit his/her ITR.
One confusion, if business will submit its ITR through its exiting PAN, then how the proprietor will submit his/her ITR.
28 September 2021
As per Partnership deed, the shares of individual partners have not changed.
For any changes to be effected in ITR, there should be change in deed to that effect.
In present condition, only interest paid to individual partner/s gets changed.
For any changes to be effected in ITR, there should be change in deed to that effect.
In present condition, only interest paid to individual partner/s gets changed.
28 September 2021
Thanks sir for your kind advice.
28 September 2021
Most Welcome ....
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