Australia Partnership Financials with Negative Equity Account

May 29, 2019
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I am finishing a partnership for the first time in my life. I don't know what I should do.
I plan to do a financial statements and lodge final tax return, lodge my last BAS and cancel ABN. Is it all?

Do I have to prepare any documents saying that one of the partner decides to quit the partnership (actually, the fact is that the property held by the partnership has been sold, therefore no needs for the partnership)

One more question is the partner's capital account, they have different balance, and one of them is negative balance. Does it mean the partner with negative capital needs to pay other partners before everything close?


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