02 September 2011
A HUF running a proprietor business, wants to invite a stranger individual as partner and wants to convert the existing proprietorship business into partnership firm having two partner a Karta representing the HUF and a Stranger Individual.Is it possible
03 September 2011
Sir, Thank u very much for ur reply, if possible kindly describe the issue in detail, as HUF is running a poprietory business and want to convert the same into partnership firm by inducting a stranger into the firm as a partner. Waiting
04 September 2011
Just draw a deed of Partnership in which the HUF shall be the partner and the karta shall represent the HUF as partner. The stranger shall also be a partner but in the preamble you have to mention that the business in the name of ....such and such was carried on by the HUF as a proprietor and due to financial or............ difficulties it is not possible to continue the business alone and accordingly the stranger has been invited to join hands as a partner.........
CAclubindia
