dissolve from partnership dissolve from partnership

2 years ago

I'm working as software employee since 6 years, My husband who wanted to do a consulting business, made firm registration 2 years ago adding me as a working partner. As we are no longer stay together, I would like to dissolve from the partnership. Can you help me with the process, so that I wouldn't have future concerns.

Abhimanyu Shandilya

Responded 2 years ago

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A.Look for the termination clause in the partnership agreement and accordingly you can terminate the partnership or you can walk out of it. Whatever procedure is given. If there is no termination clause then simply send him a letter or a mail mentioning the fact that you are no longer interested to remain a partner and want to terminate it at the same time you give up all your liabilities and responsibilities. Keep a copy of the letter for future reference to safeguard yourself from any issues.
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Kishan Dutt Kalaskar

Responded 2 years ago

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A.Dear Madam,
You may share partnership deed and get issue a legal notice and come out of it.
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Ankur Goel @ Complete Law Shield

Responded 2 years ago

A.partnership comes to closure automatically if one partner resign/leaves.
Just send a legal notice to withdraw from partnership through lawyer.
rest of things he have to do.
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Anik

Responded 2 years ago

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A.Hi,
In the event of a mutually agreed-upon firm dissolution, you should firstly draft a Dissolution Deed that is mutually agreeable. The news of dissolution should be published in newspapers and communicated to the general public. You should also consult a lawyer to determine the tax implications of dissolution. Section 189 of the Income Tax Act of 1961 deals with the tax consequences of dissolution. Also, the Balance Sheet and Documentation related to the partnership Firm should be duly sent to the Registrar of Firms.

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Ayantika Mondal @ Prime Legal

Responded 2 years ago

A.Hi,
In case of Dissolution of Firm by mutual agreement, the following steps would be required to be followed:
1. Prepare a Dissolution Deed in which consent of all partners is there
2. Advertisement need to be given in minimum two local news paper
3. It will be published in the official gazette
It would also be required to submit documents along with NIL balance sheet to the registrar of Firms.
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Sidhaarth

Responded 2 years ago

A.Partnership deed is required to be examined. Partnership can be dissolved by following some legal formalities.
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