Continuation of a proprietary firm..

140 views 1 replies

I need Adice on continuation of a proprietary firm.. As I was working with my father for last 8years and he was the proprietor of a firm transportation contractor, . Last year in march2015 my father expired due to heart failure. As a authorized person Two contracts were allowed to continue 1. Central warehousing corporation. Bangalore 2. Rahstriya Chemicals & fertilizers, Bangalore(work successfully Completed in July 2015) However Central warehouse corporation has terminated the contract on August 2015 due to legal opinion from their head office Delhi That as it was a proprietary firm the authorized person cannot continue the work so terminated. Now my question is can I continue as new proprietor of the above firm. Because I want to apply for future works using my fathers ITR, BALANCE SHEET, PROFIT&LOSS statement, Experience (Work Completion Certificates) Etc, or should make a new firm As I was not having required work experience on paper or else should I make this Firm as registered partnership firm. Kindly help in this regard & oblige. Thanking You Regards

Replies (1)

It is not possible to continue proprietary firm. You have to set up a new firm and start from square one. As your father is already gone, it is not possible for you to convert his firm in to a partnership firm legally. However, if your father had transferred his business to you in his will, then there are fair chances that you can continue his business in the same name and form. Consult your advocate in this regard.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register