Bank account of sole proprietor in case of death

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 June 2014 I want to run Financial services / consultancy firm through mother as a sole proprietor with some Trade name and bank account opened on that trade name.

In case of death of mother, I would like to continue this business with the same trade name. In that case how the bank account will be transferred to me ? Will the banks replace the PAN linked to that Beneficiary A/c (i.e; Trade Name ) ?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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11 June 2014 no. bank account is to be closed.

Querist : Anonymous

Querist : Anonymous (Querist)

11 June 2014 Then what is the solution ? Can I apply to Minicipal authorities and Bank to trade on the same name with my PAN ?

CA UMESH DULAL

CA UMESH DULAL (Expert)
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11 June 2014 Bank account will be closed and the remaining balance will be transferred to nominee's a/c. In case of sole proprietorship, bank account can not be migrated. You have to open new a/c on your name with your PAN

Querist : Anonymous

Querist : Anonymous (Querist)

11 June 2014 I have clearly expressed my interest in running the business with that trade name. Will Bank allow me to open the new bank account with that trade name with my PAN ? [ Which was earlier through my mother's PAN ?]

CA UMESH DULAL

CA UMESH DULAL (Expert)
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11 June 2014 What types of business?
Is your trade name is registered trademark ?

Querist : Anonymous

Querist : Anonymous (Querist)

11 June 2014 It will be Financial services kind of business. Billing will be for Management consultancy / advisory in stock market.

Sole proprietorship will be registered at Municipal authorities as per Gumaasta Dhara. I wish to get this trade name and business transferred by way of WILL in case of demise of my mother.

But what to do for Bank accounts which are linked with PAN of mother ?

CA UMESH DULAL

CA UMESH DULAL (Expert)
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12 June 2014 It will have your PAN. Approach Bank

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