Dear All,

My query is regarding a partnership firm engaged in MANUFACTURING ACTIVITY having two partners.
The Facts are as under:

Now one of the partner "B" wants to discontinue this partnership. Hence the other partner "A" has agreed to this and wants to continue this business under the same name and wants to admit two new partners and retire partner "B" by paying a lump sum amount for his capital and goodwill.

My query is :

1) From Accounting Point of view:
What shall be the accounting effects of the above? How will the lump sum payment to partner " b" booked in the accounts books and how will the new capital introduced by the new partners shown in the books?

2) From Law point of view:

What happens to the existing :
a) Excise Registration?
b) Vat Registration?
c) Sales Tax Regstration?
d) Pan of the firm?
e) Import Export Licence?

Is new registration required for the above or what have to be done to intimate the respective authorities to intimate the change in constitution of the firm?

Please can anyne help me on above ASAP?

Thanks in advance.....

Alpa Doshi.

Please throw some light on below cases
a) Can Income from my software consultancy (professional fees) can be shown in HUF account.

b) Can Software Selling income be shown in HUF account

c) Can income from rent and also income from selling products both can be shown in HUF account

Regards
Rajesh Nagda
rajesh.nagda@gmail.com

The company which has been in existence for less than three financial years not to be allowed to contribute any such amount to political parties.

ex: 'A' Ltd incorporated on 2nd feb 2003. on 1st nov.2005, can the company donate amount to political parties?

i think it can.because the company was in existence for more than three financial years
(financial year 2002-2003
financial year 2003-2004
financial year 2004-2005).

is it correct.

I am making cash payment of Rs 4000 as rent then receipt of rent should contain revenue stamp of Rs. 1 with signature on revenue stamp.
Also tell me the Act where I can find the related provision.

So one can open HUF account even though his father has an HUF account right??.

I already have applied for HUF PAN No and have received the PAN no. Also I have created the rubber stamp of KARTA.

Now I have two questions

a) I want to prepare the ded on stamp paper. so is there any fixed format of it and what amount (Rs100 or Rs200) of stamp paper we have to prepare the ded.

b) What all trasaction normally happen in HUF account. Like receiving of interest. As it is an HUF account so in my bank whether i have to open an saving a/c or current a/c
in my name eg Rajesh K Nagda(HUF). Also only i know is I can not take professional charges in HUF a/c.

Please Guide me with some more information

Regards
Rajesh K Nagda
(rajesh.nagda@gmail.com)

what is meant by "COMMERCIAL ESTABLISHMENT" under Section 2(ea) of the Wealth Tax Act.

A building is used for business purpose.... whether land around the building is an commercial establishment. Portion of Land is 75% to that of building

What is the procedure to obtain a Labour Licence ? And what are the crieteria's ?

I want to know that whether I can create the HUF Account
Status of our family
My Father having Three Sons. My Father is already having HUF account. I am the second son. I am also married and having a son. So can i create a HUF account having my wife and son (minor 3ys age) OR On what circumstances Can i create HUF Account. I met two persons.
One says you cannot open a HUF account as your father has an HUF account opened.
Other Says that As you are married and having a son you can open a HUF account.

Please Guide Me

Regards
Rajesh Nagda
(rajesh.nagda@gmail.com)

hi,
One of my client want to purchase a running rolling mill(PVT. Co.) in west bengal. I want to know wheather the purchaase shall be made on valuation of individual assets and liablities or purchase the whole shares and the advantages /disadbantages in both the proposal.

Does any one have explanatory material/concept note on LLP? Espcially one, showing comparison between law introduce in India and law prevalent other countries where LLP concept is well settled