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Question ID : 44361

255279

Good Morning, Myself CA Vamsi Krishna Ryali, managing partner of 'Vamsi & Narasimha Chartered Accountants". Our firm having two partners namely Vamsi (myself) & Narasimha. Now Narasimha wants to move out of the firm, in such cases, is my partnership firm automatically closed ? or it will convert into sole proprietor ship firm ? Is ICAI firm registration number will going to change ? For bank empanelment purposes, how experience of firm will be dealt with ?

Posted by RYALI VAMSI KRISHNA on Sep 04, 2022

Filed Under MISC.

Answer ID : 83802

It should be mentioned in the Partnership dissolution deed that you will continue the firm in proprietorship using same name. Hence if the name of firm is not changed, it will convert into sole proprietorship firm and firm registration number will also not change. Experience of partnership firm will be considered for bank audit empanelment in this case.

Posted by CA. chunauti dholakia on Sep 05, 2022
Answer ID : 83823

practically take a partner and ask the partner to resign, so that you can get benefit for partnership in bank/cag allotment

Posted by t sankar on Sep 19, 2022