Procedure of changing the partnership firm into proprietor

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 May 2011 I want to know the full procedure of changing the partnership firm into proprietorship concern. Will ii have to change bank account no.,Tin no. and surrender pan of the firm? Where I have to send partner dissolution deed copy?

U S Sharma

U S Sharma (Expert)

22 May 2011 1st of all make P/L and balance sheet on the date of dissolution, and make dissolution deed, get NOC from retiring partner, that he has NO OBJECTION for the business run by you in previous name ( as its his right also to have business in place of you), file the return of partnership business upto the date of retirement. intimate the ITO with deed of retirement, to fianlize the return ande close the file, they will do it at priority basis.

in 2nd step, inform all places of business about new constitution of business with deed of retirement, proprietor's pan copy, and ask them to change the records under intimation to you.

in 3rd step, visit every department, with original registration, and produce the same for amendment or fresh registration ( where the registration is pan based, new registration will be issued)

once the infimation is done, u can continue your business, if documents are provided in order and no returns is pending with any department, they do it at priority basis.

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