All Steps To Close Partnership Business

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Closing a partnership business in India involves a legal and procedural process under the Indian Partnership Act, 1932.
Here's a step-by-step guide to closing (dissolving) a partnership firm:

Step-by-Step Process to Close a Partnership Firm in India
1. Mutual Consent for Dissolution
All partners must agree to dissolve the firm unless there's a clause in the partnership deed allowing unilateral dissolution.

A written agreement should be prepared and signed.

2. Draft a Dissolution Deed
Prepare a Dissolution Deed stating:

The reason for closure

Settlement of accounts

Distribution of assets/liabilities

Indemnity clauses

This should be printed on non-judicial stamp paper and signed by all partners in the presence of witnesses.

3. Notify the Registrar of Firms (if registered)
File Form (Notice of Dissolution) with the Registrar of Firms of the respective state.

Attach:

Copy of the dissolution deed

Affidavit by partners

Registration certificate (if issued)

Pay the prescribed fee.

4. Settle Liabilities and Accounts
Pay off all debts and liabilities of the firm.

Realize assets and distribute the remaining capital among partners as per the deed.

5. Cancel PAN and GST (if applicable)
Surrender the PAN card of the firm via the NSDL or UTI portal.

File for GST cancellation on the GST portal (if the firm is registered under GST).

6. Close Bank Account
Submit a request to close the partnership firm's bank account with a resolution of the partners and KYC documents.

7. Inform Other Authorities
If applicable, inform:

Income Tax Department

Local municipal authorities

Shops and Establishments Act authorities

Optional: Legal Help
It's advisable to consult a Company Secretary, CA or legal advisor to avoid complications.