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I want to close partnership firm. We are two partner in this firm both 50%=50%.A partner invest 500000 and B partner invest hard work (tajurba). Please tell me can we legally divide 250000X2 or not? What is the process of dissolution of a partnership firm and how much time does it take?
Asked in Business Law from New Delhi, Delhi
A partnership can be dissolved on the happening of certain contingencies, subject to contract between the partners a firm is dissolved. 

a) if constituted for a fixed term, by expiry of that term;
b) if constituted to carry out one or more adventures or undertakings, by the completion thereof;
c)by the death of a partner;
d) by the adjudication of a partner as an insolvent.

You need to make a dissolution deed by all the partners and get it registered. Apart from it you need to surrender your firm's PAN with A.O alongwith a copy of dissolution deed.

The division of properties and assets between partners in the event of dissolution of the partnership firm may be in the ratio mentioned by you . Till division takes place, no partner has any specific right to any specific property of the firm.
Ashish Davessar
Advocate, Jaipur
19897 Answers
518 Consultations

5.0 on 5.0

it will depend upon the condition mentioned in partnership agreement
Rajeev Bari
Advocate, New Delhi
1506 Answers
92 Consultations

3.5 on 5.0

1) contact a local lawyer .  make a dissolution deed signed by all the partners and get it registered. division of assets will be provided in the partnership deed . you need to  surrender firm PAN  with AO along with copy of dissolution Deed

2)give paper advertisement in minimum two local news papers

3. get it published in the official gazette

4.submit all these along with nil balance sheet to the registrar of firms
Ajay Sethi
Advocate, Mumbai
28398 Answers
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5.0 on 5.0

contact a lawyer personally along with partnership deed it will be better
Nadeem Qureshi
Advocate, New Delhi
3968 Answers
158 Consultations

4.9 on 5.0

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