Conversion of partnerhsip into propritorship
This query is : Resolved
21 February 2014
Hi...
I have partnership firm having two partners.Now my partner want to retire from the partnership So whether i shall carry forward losses or not..???
I have partnership firm having two partners.Now my partner want to retire from the partnership So whether i shall carry forward losses or not..???
21 February 2014
You can execute a deed of retirement and take over the firm as a proprietor the losses of the firm cannot be carried forward as there will be no income in the name of the firm. Better you execute a deed of retirement cum admission by taking either your wife or any other family member as a partner.This will allow the firm to carry forward the losses.
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