Partnership deed

Dear Santosh,

            Sec. 40 of the Partnership ACt, 1932 provides-" A Firm may be dissolved with the Consent of all the Partners or in accordance with the contract between the parties." If the partnership deed contains any provision then the Firm will be dissolved in accordance with those provisions. Ex: Pertnership at will. This will be dissolved by resignation of any of the partners.If the deed does not contain any provision then it can be dissolved only with the consent of all the partners. The consent should be evidenced by a written agreemnt. In any event it is always necessary that that a deed of dissolution is entered into as it is necessary to record the settlement of accounts between the partners and distrbution of assets of firm and obligations to discharge the debts and liabilitites of theFirm etc. This is so whether thr the Firm is regd or not.

If you do not record dissolution in writing the deed of partnership continues to exist along with the PAN card issued by the IT Department. So if you and your partners want to disconintue better to record dissolution of the Firm and then apply for cancellation of the PAN card. Not doing so may lead to unnecessary complications.

Hi Friends ,

Case -1

One of my client wants to change the patnership firm to properitory firm due to death of one of the Patners of the firm So what are the documents we should take from him as a company .

case 2

One of my clent wants to change  the patners in the patnership firm , so what are the documents we should take from them as a company