Closure of partnership firm

Dear Friend Nagrajan,

1. construction of dissoution deed

I am attaching a format for the same.. Please consider the same... make changes in it if and wherever required.

2. Carry forward of losses

Losses cannot be carried forward, if the assessee ceases to exist even though the same business is continued by someone else in the same name and substantially the same form. The exception to the above rule are amalgamation / demerger of Companies, banks and business reorganisation of co operative banks subject to the provisions of Section 72A, 72AA and 72AB respectively. Since the case above does not fall within these three exceptions, the carry forward is not allowed.

3. existing bank loans

If the existing bank loans are in the name of the partnership firm and the name of the firm is changed, the application may be made to the bank to change the name of the firm. Details regarding the reconstitution of the firm are also required to be given to the bank.

4. registration with other statutory bodies

 a proprietorship is not required to be registered..

Regards

Chintan

Dissolution deed attached... to be  executed on stamp paper of adequate value (depending on the state in which you are executing it..)

Regards

Chintan