Poonawalla fincorps
Poonawalla fincorps

Can Partnership firm can covert to sole propertiership

This query is : Resolved 
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(Querist)
28 January 2021 Dear sir,
In the event one partner voluntary discontinuous from business and existing partner not get new partner in the firm. in such case can partnership firm convert to sole properties ship.
What is the impact on existing Firm pan card.
Please advise
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
28 January 2021 Firm PAN card has to be surrendered. Existing partner has to take over the business and run it in his PAN.

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