Joint and several liability: partners remain responsible for tax, interest and penalty after firm discontinuance or reconstitution. Where a firm, association of persons or Hindu undivided family discontinues business, tax, interest and penalty up to the date of discontinuance may be ... Summary
Joint and several liability: partners remain responsible for tax, interest and penalty after firm discontinuance or reconstitution.
Where a firm, association of persons or Hindu undivided family discontinues business, tax, interest and penalty up to the date of discontinuance may be determined as if no discontinuance occurred, and every partner or member at that time shall, jointly and severally, remain liable for such tax, interest and penalty; similar joint and several liability attaches on change of constitution, dissolution or partition. A Limited Liability Partnership is treated as a firm for these purposes.
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