1) 

section 43 of Indian partnership act provides firm may be dissolved by any partner giving notice in writing to other partners of intention RTI dissolve the firm

2) firm would be dissolved from date mentioned in notice as date of dissolution

3) if no date mentioned in notice from date of receipt of notice

4) you can publish it in local newspapers

5) inform the firm suppliers , customers and clients about dissolution of firm

6)

As soon as firm is dissolved it ceases to transact normal business

7) the mode of settlement of accounts between partners after dissolution is determined by partnership agreement

8) in absence of clause in agreement section 48 lays down provisions for settlement of accounts

9) the assets of firm are used to pay off debts of firm to third parties

10) in paying each partner what is due to him on account of advances , capital and surplus divided among partners in profit sharing ratio

11)all accounts are closed . Necessary to open realisation account for realisation of assets of firm a d pay liabilities cash account is open to record all cash transactions

What type of partnership is this ? Partnership at WILL or particular partnership ? Firm may be dissolved with the consent of all the partners.

After dissolution, separate settlement/transfer deed will execute to transfer ownership of land to partners by 1/4th share each, stamp duty will levy. So better sell the land through firm and distribute the profit equally or as per share.

Dear Querist

There is no requirement to pay any stamp duty on selling, it is the duty of the purchaser to pay the stamp duty. but you have to pay the stamp duty in case of transferring the ownership to other partners.

if any partner is interested to continue with this Partnership firm then the other three may be retired or resign from the partnership and that partner may add other persons as partners and in this situation, all the property of the Firm shall be deemed to be transferred in the name of the partners. 

Feel Free to call

- As per Section 37, of the Partnership Act, if a partner ceases to be a partner of the firm, and the remaining partners carry on the business without any final settlement of accounts between them and the outgoing partner, then the outgoing partner or his estate is entitled to share of the profits made by the firm since he ceased to be a partner.

- Further , the surviving partner also has an option of purchasing the interest of the outgoing partner. If the surviving partner choose to purchase the interest, then the outgoing partner is not entitled to any further share in profits of the firm.

- Further , a partner can leave a firm with the consent of other partners or as agreed in the agreement, and further , a partner leaving a firm is entitled to receive the amount of capital contributed by the partner and his or her right to share in the accumulated profits after deducting the accumulated losses, if any.

- Further, profits or losses, made by a firm should be divided among its partners in accordance with the provision of their Partnership Deed. However, if there is no written or oral agreement among the partners, the Law prescribes that profits and losses should be shared equally by the partners.

- Further, the Supreme Court in the matter of Purushottam v. Shivraj Fine Arts Litho Works (2007 )15 SCC 58 , held that once any asset or money becomes part of the capital of the partnership, a partner has no exclusive right over any portion nor can he seek to recover the same from the persons in their individual capacity. It is entirely owned by the firm and the partners in their individual capacity do not owe capital contribution to the other partners.

- However, if you dissolve the partnership, then the balance of the Realization Account is to be transferred to Partners' Capital Accounts in their profit-sharing ratio, and if the ratio is not mentioned in the partnership deed, then profits or losses arising from Realization Account are to be distributed in equal proportion between the partners. 

1. Not mandatory as i mentioned above

2. Yes

The surplus property, if any is to be distributed among each partner or their representatives as per their respective rights in the firm.

2) it should be divided among the partners in the same proportion in which they were entitled to profit sharing.

In whose name the land is ? Is it contributed by any partner or purchased in the name of firm. If purchased in the name of firm than Dissolution Deed Of Partnership Firm Which Merely Allocates Properties To Partners Does Not Confer Title In Immovable Property. Registered deed will execute to transfer title in partners..

1. Yes after dissolution it's a general procedure

2. If your partners consent to it then you can show it in papers. You need to also get audit report of the s same

You can decide the same internally but if you sell then it will incur stamp duty

1. The firm can be dissolved either by mutual agreement like making a deed of dissolution or by filing a suit in civil court. 

2. Once the firm is dissolved the assets of the firm is to be divided among the partners as per the partnership deed whereby ratio of profit and share of each partner was determined. 

3. If you don't sell the property then let it remain for good and nobody can enjoy it.

Dear Sir,

You are suggested to create on dissolution deed, evaluate all the properties and then distribute among the partners. Either the property may be sold and the sale proceeds may be distributed among the partners or the share of the property to be embarked in registrar's office using the dissolution deed. 

In dissolution deed, the property and share of each member to be marked clearly. On this basis, the sale may be prevented and the property will be with you only. 

The Supreme Court held that post-dissolution of firm each partner becomes entitled to his share in the profits of the firm post the settlement of accounts as per Section 48 of the Indian Partnership Act, 1932.

The interest of the partners is in accordance with the proportion of their share in the firm.

Section 14 of the Act talks about the property of the firm in the following terms:

• Subject to contract between the partners, the property of the firm includes all property and rights and interests in property originally brought into the stock of the firm, or acquired, by purchase or otherwise, by or for the firm, or for the purposes and in the course of the business of the firm, and includes also the goodwill of the business.
• Unless the contrary intention appears, property and rights and interests in property acquired with money belonging to the firm are deemed to have been acquired by the firm.

Section 46, Representative Rights

This section provides that once the firm is dissolved, each partner or their representative shall be entitled against the rest of the partners to have the firm’s property applied to pay the debts and liabilities of the firm. The surplus property, if any is to be distributed among each partner or their representatives as per their respective rights in the firm.

Section 48 (b) (iv) Assets divided among the partners

This section of the act provides that if there is any residue of assets of the firm even after application of the said assets in the manner laid down in clauses (i), (ii) and (iii) of subsection (b) of Section 48, then it should be divided among the partners in the same proportion in which they were entitled to profit sharing.

You may discuss with the partners and decide further course of action in this regard based on the above provisions of the partnership act. 

Status of Partnership Property Post Dissolution

In setting the accounts of a firm after dissolution, the following rules shall, subject to agreement by the partners, be observed:

• Losses, including deficiencies of capital, shall be paid first out of profit, next out of capital, and if necessary by the partners individually in the proportions in which they were entitled to share profits.
• The assets of the firm, including any sum contributed by the partners to make up deficiencies of capital, shall be applied in the following manner or order:

  • In paying the debts of the firm to third parties.
  • In paying to each partner rateably what is due to him from the firm for advances as distinguished from the capital.
  • In paying to each partner rateably what is due to him on account of capital, and
  • The residue, if any, shall be divided among the partners in the proportions in which they were entitled to share profits.

•  

A partnership firm can be dissolved by an agreement among all the partners. Section 40 of Indian Partnership Act, 1932 allows the dissolution of a partnership firm if all the partners agree to dissolve it. Partnership concern is created by agreement and similarly it can be dissolved by agreement. This type of dissolution is known as voluntary dissolution. 

Any surplus left after all the above payments is shared by partners in profit sharing ratio.

A deed of dissolution must be signed by all the partners and registered. All the movable and immovable property should be stated and its status clearly spelt out ie whether it is being taken by a single person or it will still be with all the partners etc.

If you don't want to sell the property it's fine. But mention all the details present ownership title deeds etc.

Yes on selling you can't avoid stamp duty but it will be borne by the buyer

1. You can execute a dissolution deed if all partners are ready for dissolution of partnership.

2. If any partner is not ready for dissolution of partnership then go for dissolution of partnership through court by filing suit under Indian partnership act.

3. You can go for distribution of property as per shares of partners and register the same of name of partners where firm will he vendor and partners will be Vendees. 

4. In any case partners have to pay stamp duty if you are going for dissolution of partnership firm. 

5. One way which can help you save the stamp duty is payment of consideration by one partners to others and where partnership firm will become his proprietor ship firm after retirement of all other partners from firm.