Conversion of pertnership firm to sole proprietorship.
This query is : Resolved
Prathamesh
(Querist)
20 December 2012
Respected sirs,
A partnership firm consisting of two partners wishes to be dissolved and one partner wishes to continue the business as sole proprietorship. Dissolution of the firm and then commencing the business is it the only option available with the partner or can he continue the business?
thankyou
A partnership firm consisting of two partners wishes to be dissolved and one partner wishes to continue the business as sole proprietorship. Dissolution of the firm and then commencing the business is it the only option available with the partner or can he continue the business?
thankyou
Dintakurthi Tirumala
(Expert)
20 December 2012
Yes, the only option is dissolve the partnership firm and then form sole proprietorship. However at the time of closing of books of partnership firm all the assets and liabilities and stocks of firm can be transferred to the partner who want to take over the business as sales to him for settlement payable to him and any due from his can receive or pay to other partner by him in cash or by cheque or any other form.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
