Conversion to partnership

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)
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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.

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

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vibhav shah

vibhav shah (Expert)
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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)
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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.

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Guest

Guest (Querist)

12 August 2011 Thank You Sir.

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