Merger of ca firms

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CA Sahil Singla.. (Querist)
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19 December 2014 Sir

I am practicing under my Proprietorship firm. Now i m thinking of partnership with one existing proprietorship Firm. The firm name will be that of other Partner's as he is having more standing.
Kindly suggest, whether i should merge my firm with his firm or close my firm & enter into fresh partnership ?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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19 December 2014 depends on many factors like how much share u have in it? how much capital contribution?how much authority u have in policy making and taking firm related decision etc

CA Sahil Singla..

CA Sahil Singla.. (Querist)
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19 December 2014 Sir, The major share is of other Partner.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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19 December 2014 what about the other factors...have u drafted the deed?if yes can mail me for more clarification at tusharssampat90@gmail.com

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
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19 December 2014 Further, Income Tax Act 1961 doesn't cover that situation. therefore all actions are valid however should be reasonable.

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