harinadha (student) 06 November 2011

Partnership deed

Dear Expert's

i have reegisterd a partnership firm in 2009 with 4 partnerns .from up to now we are not done any business on that firm .even we are open any bank account also .we are not done any business or service tranciton on that firm .we got the certificate only .kindly know the below points to clrifiy my doubts about this firm.

i need to pay any tax on that one ?
3 of my partners or willing to resign from that firm. one person wiling to join .kindly know the format of reconstruct deed .and forward to me .( how i need to take there resignation letter from those partners please let me know)?
after drfting the deed what is the next process.?
is it possibile to change the name ?
please forward necesarry thing above points for .
i need to change adress also for that

Reply Follow

2 Replies

kelly (self employed) 07 November 2011

hi dear, to my knowledge till the times u dont have any transactions no tax is applicable. and partners can always resigned. or join. best it will be you dissolve the deed and intimate to the registrar and the new partners can write and register the new deed.

s.meghala shree (advocate) 08 November 2011

Dear Hari,

tax is applicable according to the profit percentage n turn over of the business. no worries, if no transaction has been made. there is always a provision for the the ammendment of the firm structure for the incoming and outgoing partners. yo can apply the same on behalf of the Registrar of the firms n can also apply for the change of name and address too. it us up to yo to decide whether to continue with the same or to dissolve/ terminate the existing firm.