Celebrate Freedom with 20% OFF on CAclubindia Pro Subscription. Use Code: FREEDOM20

Can Partnership Firm be dissolved & converted to Propreitor

Knowledge resource 2174 views 1 replies

MumbaiProperties

Realtor

38 Points Joined October 2007

I have a Registered Partnership Firm dealing in landscaping and garden design n development, with me and my brother as a partner. Since my brother has his own independent business in some othe field, he wants to quit the partnership firm.
My Question is :
1. Can we dissolve the firm and convert the same firm as a Proprietory Firm ?
2. What happens to the assets and liabilties of the partnership firm in case of dissolution ? Can the new Proprietor Firm take it up ?

We have this partnership firm for last 12 years and have been using a Logo and the company name which i wanted to register for trademark. Is it advisable to start the new proprietorship firm and then register the name and logo as trademark or register it in the name of the partnership firm ?

Thanks in advance for the help
Ram

Replies (1)

pushpendra

Director- FinMAT Consultants

1703 Points Joined January 2008

1. You can dissolve the partnership firm but the condition is to be see in the partnership deed. 2.You can start the prop. firm with the same name.( Sub. to the terms and condition to the dissolution deed) 3.In case of the dissolution , after payment all third party liability , balance will be distributed to the partners in their capital ratio. 4. you can start your firm and take trademark and logt registration and for that consult any trademark and copyright consultant/