Conversion to partnership

Save Share

This query is : Resolved

Guest

Guest (Querist)

11 August 2011 A person owning a sole propietorship business wishes to convert it into a partnership.

Please help by providing information regarding the legal formalities.

Thank You.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

11 August 2011 First- A partner is required according to the need of the business.

-Mutual Agreement between them towards terms and condition of partnership.
Agreement in respect of the valuation of existing assets and liabilities of the prop. concern.

- Incorporation of firm by preparing
Partnership Deed setting forth all the decided terms and conditions.
- Registration with ROF, Profession Tax Authorities, Application of PAN, TAN etc.
- Consultancy in other matters with a senior expert known to you.

Message likes : 1 times

Guest

Guest (Querist)

11 August 2011 thank you sir,

regarding the sole proprietorship- that has to be dissolved??

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

11 August 2011 No it is not required.
It will automatically dissolve.
However, certain registrations are required to be cancelled or renewed.

Message likes : 1 times

vibhav shah

vibhav shah (Expert)
Follow

11 August 2011 i support to above ans

Guest

Guest (Querist)

12 August 2011 Thank You Sir,

Exactly the question, please mention a few of such registrations, to get an idea..

thank you

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

12 August 2011 Like Municipal Corporation Registration, Professional Tax, VAT and any other Licenses
to be issued by authorities to carry on a specific business requires amendments or cancellation.

Message likes : 1 times

Guest

Guest (Querist)

12 August 2011 Thank You Sir.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now