one of my client having engaged in partnership business wants to exit from the business. they are four partners and have a current account in a bank in the name of the firm. the partnership is at will. please advise me how he can part away from the firm and wants his name removed from the bank account. please guide.
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Replies (1)
A new deed of partnership has to be made.The deed has to be submitted at office of CTO,Banks and all the places were loan is taken.
Once the new deed is submitted in the bank and informing them about the change in partnership the bank will do the rest.
The change has to reported in the Yearly IT retum also.
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