Benifit of converting firm into proprietorship ?

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ABDUL VAJEED (Querist)
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29 August 2012 Hi

Pls let me know what is the benefit if i convert my firm into two business ,( 2 partners are there in existing firm and now changing to two proprietorship )

Firm has loss now and we are carrying it forward from past 4 yrs.

pls suggest

srinath

srinath (Expert)
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29 August 2012 Loss pertaining to the retiring partner cannot be carried forward if the partner retires.

no benefit accrues except the business of the prop is taxed at slab rates

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