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Change in ownershp

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Querist : Anonymous

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Querist : Anonymous (Querist)
01 July 2013 Mr A is proprietor of a retail business concern and tax audit and vat audit is applicable, Now he wants to retire and handover the business to his two sons,

What procedure should he follow, to tranfer ownership to his sons?

Also from tax planning point of view, is partnership beneficial or Proprietership or LLP?

Pl guide and let me know the process as well,
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CA Kapil Verma

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CA Kapil Verma (Expert)
01 July 2013 as a proprietor, he can not transfer the business to their sons.

Bu he can convert Proprietorship to LLP/Partnership/Company.

and then can retied.

From tax point of view proprietorship is most beneficial.

but it will not work in your case.

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 August 2013 Sir, we want to Continue with proprieorship form only,

so should we show it as sale of business from Mr A to his SOn X and then work out Consideration and transfer of assets and liabilities ,

Pl guide me on the procedure ahead
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Rupesh Jain

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Rupesh Jain (Expert)
20 September 2013 you can sell his business to his sons and you have to acquire new sales tax number.
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