Partnership

Querist : Anonymous (Querist) 30 August 2020 This query is : Resolved
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Rajendra K Goyal (Expert) 30 August 2020
You said:
Now one partner Left in the Partnership Firm.

Reply:

Partnership should have at least 2 partners.

You said:
Now 1 partner is left in the partnership firm, IS THIS PARTNERSHIP FIRM STANDS DISSOLVED AUTOMATICALLY?

Reply:

If one partner left, firm would be proprietorship.

Rajendra K Goyal (Expert) 30 August 2020
You said:
2. If I get a Partnership deed executed with the only left partner of the partnership firm with same partnership firm name and same business, THEN THIS PARTNERSHIP BE CONSIDERED AS NEW PARTNERSHIP FIRM OR THE CONTINUANCE OF OLD PARTNERSHIP FIRM?

Reply:

You can continue with the same name of the firm. For partnership 2 partners are required. New firm would be proprietorship.

kavksatyanarayana (Expert) 30 August 2020
When there are 6 partners and 5 partners retired from the Partnership business, then it will be automatically dissolved. The other partner who remains shall obtain PAN card in name of sole proprietorship and current account in name of proprietory and license under shops and establishment act.

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Dr J C Vashista (Expert) 31 August 2020
It stand dissolved with last member leaving.
Single partner can not be termed as "Partnership" firm.

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Dr J C Vashista (Expert) 31 August 2020
What is your locus standi / concern to the firm / this question ?

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Shilesh Patel (Expert) 31 August 2020
The partnership has been dissolved, so your the sole only proprietor of the firm now on, you can continue from the same name of the business.
now on your only solely liable for the liabilities and to enjoy the profits of the sole firm.

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Advocate Bhartesh goyal (Expert) 31 August 2020
Partnership firm has already been deemed dissolved when five partners out of six retired remaining single partner can carry on the business in the name of firm as sole proprietorship firm.

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