Pakistan  |  Administrative Law

Legal Question

Asked on: 6/16/13, 7:46 pm

*** A Partnership Firm was established by two [2] friends who had obtained NTN & Sales Tax Number in the name of Firm. Now one of the partner is not interested in running the Firm as he is doing his personal business. The remaining only Partner wishes to continue Firm as NTN/Sales Tax # has already been obtained in the name of Firm. Now the question is that whether remaining partner can run this Firm while maintaining Bank account in the name of Firm by himself only. Is there any procedure to convert existing Partnership Firm into Proprietorship concern.

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