Merger of ca firms
This query is : Resolved
CA Sahil Singla..
(Querist)
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 ?
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 ?
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..
(Querist)
19 December 2014
Sir, The major share is of other Partner.
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
(Expert)
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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