Retirement and reconstitution of partner
Querist :
Anonymous
(Querist) 03 March 2011
This query is : Resolved
We have a property n the name of the firm and we have given it for rent for commercial purpose.The firm is a partnership firm.My mother one of the partner died recently and another partner who is old wants us to release him from the partnership. He is ready to sign the agreement and does not expect any monetary benefits from us on his retirement.
I want to dissolve the firm from partnership and include my name as the sole owner of the property. Also there are no business carried in the name of the firm. Except the TDS is deducted from the rental and we are assessed in the name of the firm.
Can anyone advise me the steps required to execute all these.
Devajyoti Barman
(Expert) 03 March 2011
If the Firm consists of only you and your mother then her letter of retirement would automatically dissolve the Firm. Your mother in the letter of retirement may authorise you to continue the same Trade name of the firm as a proprietor of the same. You need to make necessary changes in the Income Tax Returns as well
Querist :
Anonymous
(Querist) 03 March 2011
Actually my mother who is one of the partner expired in september 2010 and there is one more partner who wants to retire.how do i go about it. Kindly inform.Also please inform any legal person to get it done in Bangalore.
