Can a replacement of partner in a partnership with 2 partners be made to retail pan card

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Jayant B

manager

23 Points Posted on 21 June 2019

Dear Sir,

We applied and have a PAN card in the name of a Partnership firm and had 2 partners. Now one partner has taken a retirement from the firm and moved on. What I would like to know is -

Since the only one partner (myself) left in the firm, the constitution of the firm would change to proprietary. So, what happens to my PAN card taken in name of partnership firm?
We had registered our firm under GST and have a GST number with the PAN card of partnership firm. So, in that case, I guess, my GST registration would also change. Am I right?
If I add another partner in place of the retired one, if I can, can my PAN and GST registration be retained and I continue with transactions with same registrations? Or both, PAN and GST will still need to be replaced?

Regards,

Jayant.

Replies (2)

Rohit jain

Chartered Accountant / Company Secretary

169 Points Posted on 21 June 2019

A partnership firm requires atleast two partners, in the above two cases, the firm will stand dissolved as a separate legal entity. You need to continue in your own name (own PAN and GSTIN) accordingly.

However, in case one partner is added, it will not lead to dissolution but only reconstitution and hence the PAN and GSTIn of firm as a separate entity can be continued