Conversion of proprietorship to partnership

This query is : Resolved

CA Arun A (Querist)
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02 August 2013 I HAve A PROPRIETORSHIP FIRM ESTABLISHED IN 02.03.2011, BUT THE DEEMED DATE IS 01.02.2008 SINCE I ESTABLISHED PRACTICE IN 2008 ITSELF. NOW IF THE SOLE PROPRIETORSHIP FIRM IS CONVERTED INTO A PARTNERSHIP FIRM WHAT WILL BE DATE FROM WHICH THE SENIORITY OF THE PARTNERSHIP FIRM WILL BE RECKONED?
(A) 02.03.2011
(B) 01.02.2008
(C) Date of conversion of proprietorship to partnership

Please help

Ajay Mishra

Ajay Mishra (Expert)
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02 August 2013 Hi

The date of partner ship will be consider, because you are conversing your entity in to an existing partnership firm. After conversion you becomes partner of the from the date of conversion.

In this case partner ship firm date will be considered.

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C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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02 September 2013 None of the above dates will be applicable. It is be from the date of formation and registration of the partnership. It depends on you when you are forming the partnership by executing the deed of Partnership.

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