A huf running proprietory business, can invite stranger as

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

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

D K Bohra

CA.E.Deepan Chakravarthy

CA.E.Deepan Chakravarthy (Expert)
Follow

03 September 2011 Yes it is possible

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

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

With regard

D K Bohra

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
Follow

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.........

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok