SALE/DISSOLUTION/CONVERSION OF PARTNERSHIP FIRM

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Pro
248 Points Posted on 06 October 2020
I have a query regarding a partnership firm where there are 2 partners and both decided to close the partnership and one partner agrees to continue(takeover) the business in his Propreitorship and he will purchase whole business assets and liabilities of the partnership firm for a certain amount.
I want to know what could be the best way possible to settle this transaction and what will be the tax implications for the same.

Thank you all the readers and experts
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On 06 October 2020 at 01:11 Report
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Quick Summary
This discussion explores the process of dissolving a two-partner firm where one partner will take over the business as a sole proprietorship. The user is seeking advice on the most effective way to handle the transaction, including the purchase of assets and liabilities, and is particularly interested in understanding the associated tax implications.

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a
1620 Points Posted on 06 October 2020
Please contact and CA
1 Reply
On 06 October 2020 at 09:01
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Pro
248 Points Posted on 06 October 2020
Please help me experts
1 Reply
On 06 October 2020 at 10:13

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