What is the procedure to voluntarily dissolve a partnership firm?

  • Settlement of all liabilities of the firm
  • Transferring remaining balance (profit or loss) to partner’s accounts
  • Closure of bank account of the firm
  • preparation and execution of a dissolution agreement
  • Preparation and filing the income tax return of the firm up to the date of dissolution
  • Surrendering all applicable registrations and obtaining NOCs/ closure certificates, as the case maybe