What is called Dissolution of Partnership Firm?
The complete breakdown of the relation of Partnership between all the partners is known as Dissolution of Partnership Firm.
Process for Dissolution of Partnership Firm:
The easier way to dissolve Partnership Firm is by way of entering into agreement with consent of all the Partners. There are some modes prescribed to dissolve the Partnership Firm such as,
- Compulsory Dissolution
- Dissolution by notice of Partnership
- Dissolution by court
Based on definite circumstances, the mode of dissolution is applied and processed as prescribed in Partnership Act. Further, such agreement needs to be stamped as per Stamp Act applicable to Chhattisgarh State.
In case the Partnership Firm is registered with Registrar of Firm (ROF), then after entering into agreement following procedure is to be followed:
- Newspaper advertisement in minimum two local Newspapers
- Publish in official gazettes
- Submission of all documents with NIL balance sheet to the registrar of firms
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