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Enforceability of agreement after the dissolution of firm
Dear All,
A partnership firm of two partners had applied for a Govt. tender and entered into an agreement with Govt. Later, one partner left the firm and other partner requested the Govt. to continue the agreement in the capacity of proprietorship firm. Is this possible as per Act. Please quote relevant section and act along with your replies.
Thanks in Advance.
Replies (1)
the Income tax status of partnership firm is different than Prop (Different PAN No , Taxability etc)
Ideally, to retain the existance of Firm admit additional partner and then retire the other partner so that the Firm existance is retained
Regards
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