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1)Can a partnership firm be dissolved when there are only two partners (50/50) and only one partner wants to dissolve while other partner wants to continue with the business (Against the wish of one partner)? 2) What is the procedure, time duration it takes and costs involved? 3) What happens to the firm's Bank accounts and pending Tax liabilities and refunds when the firm is dissolved? 4)What about the legal liabilities regarding the employees of the firm after dissolution? 5) After dissolution of the firm, can one partner still continue with the operations of the business, or the business has to shut down immediately after the dissolution?
Partnership firm can be dissolved even if one partner wants to continue with the business. This is called a "dissolution by notice". Under Section 43 of the Indian Partnership Act, 1932, a partner can dissolve the partnership by giving a notice in writing to all the other partners. if you need to know more about this matter then we need some more information from you so that we will provide you best solution,contact us on our helpline number.