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
CAclubindia
