Legal procedure

Dinesh (Querist) 08 October 2024 This query is : Resolved
1 Business was started in the year 2003 and Partnership deed was created in 2003.
2.Business was shutdown in 2011 without making any dissolution deed .
3. Can we create dissolution deed in 2024.

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A partnership firm can indeed be dissolved even many years after the business has ceased trading, provided a dissolution deed wasn't created at the time of closure. The dissolution can be executed by mutual consent of all partners or as per the original partnership agreement. If the partnership deed was registered, the partners can now formalise the dissolution, specifying the original closure date. It's important to note that simply shutting down a business doesn't automatically dissolve the partnership; statutory liabilities continue until formal dissolution and closure of associated accounts and PAN.

T. Kalaiselvan, Advocate (Expert) 08 October 2024
a partnership firm can be dissolved even after many years of closing down the business.
A partnership firm can be dissolved by mutual consent of all partners, or in accordance with a contract between the partners.

kavksatyanarayana (Expert) 08 October 2024
Is the partnership deed registered before the Registrar of Firms? If yes, all the partners can now execute the dissolution of the Partnership deed and the effect date (2011) shall be mentioned in the dissolution deed and Form. V.

Dr. J C Vashista (Expert) 09 October 2024
Shut down of business do not get the partnership dissolved automatically, which can be dissolved at any time as per terms of the partnership deed, which may be oral or written; registered or unregistered.
Creation / registration of dissolution of partnership has to follow the procedure.

CA SANKAR (Expert) 11 October 2024
A partnership firm was formed with Deed of Agreement between partners. As per Income Tax Act provisions, Every year Income Tax return should be filed before due date irrespective of profit or loss. you have to prepare Dissolution deed and close your bank account if any and Surrender the PAN also. Till such time Statutory liabilities will continue

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