Conversion of partnerhsip into propritorship

This query is : Resolved

VishvAs Mistri (Querist)
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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..???

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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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.