After Death of My Fathers, what should I do with his company
Tipsy
(Querist) 14 July 2009
This query is : Resolved
The Income Tax Registered and Income Tax Payer Partnership Firm M/s. Inox Services has Three Partnes viz. (1) Late Shri. Jashwant V. Parekh (2) Smt. Surekha.J. Parekh and (3) J..M.Parekh ( H.U.F ). Neither any Sons Nor any Daughter were partner in the same firm. The Managing Partner of the Firm was Late Shri. Jashwant V. Parekh
After his death, The Company viz. M/s. Inox Services is in DORMANT condition i.e. The Company has NO INCOME, but there are expenses of Accountant for Finalising of the Accounts ( whatsoever ) and filing of the Income Tax Return on year to year basis.
As I am not agreeing to that expenses DUE TO NO INCOME, therefore, I would like to close the Firm by dissolving the same and surrender the PAN Card issued to the firm.
My Accountant Mr. Sagar after finalizing the Balance Sheet for the F.Y. 2008-2009,
If you have any suggestions , Please guide
A V Vishal
(Expert) 14 July 2009
Tipsy,
I presume that the 2 & 3 partners are still alive, hence you need to draw up a dissolution deed and file the required forms with the Registrar of Firms. Once you get the intimation of strike off of the name from the register of firms proceed further and intimate the Income tax department about the dissolution and get a clearance from the department as to there is no pending issue with respect to the firm.
Anant Vats
(Expert) 15 July 2009
Dear Sir,
In case of Partnership atleast 2 individuals need to carry it on. As in the present case one is died and the person who wants to dissolve should retire from the partnership, the Partnership firm will automatically dissolve and whatever is the share of profit or loss should be divided as per the partnership deed.
A. A. JOSE
(Expert) 16 July 2009
I endore above views.
