GST Plus - Get Daily updates,support,whatsapp Group & reply to GST Notices etc.!! Call : 011-411-70713 !!


Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Purchase of shares of all partners by one partner in a Partnership firm

This query is : Resolved 

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.

Has partnership dissolved?

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.

So, nothing has changed as per constitution of the firm, except capital contribution.
PAN TAN GSTIN ..... etc... remains same....

Thanks sir
One confusion, if business will submit its ITR through its exiting PAN, then how the proprietor will submit his/her ITR.

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.

Thanks sir for your kind advice.

Most Welcome ....

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries


Trending Tags