Proprietory firm to partnership or pvt. ltd. co.

This query is : Resolved

Rajeev Gupta (Querist)
Follow

06 October 2013 Dear Sir,

We are based in Jamshedpur, Jharkhand. Ours is propritorship firm and my father was a proprietor. He died in the month of February 2013. Till now we have not changed the functioning of firm on paper.There are also tax liabilities pending for the F.Y. 2012-13. The turnover of the firm is 1 crore (approx.). Please suggest the procedure to convert this firm from proprietory to partnership or pvt. ltd. concern. Also what factors should be considered to convert proprietorship firm to a partnership firm or a pvt, ltd. co.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
Follow

09 October 2013 A Proprietorship concern can be converted into the a partnership following the below procedure:

1) Minimum 2 members(partners) to be there to form a partnership

2) By mutual understandings of the partners a deed as to be prepared as per Indian Partnership Act, 1932

3) The partership can be registered under the Indian Partnership Act, 1932

4) If your proprietory concern is registered under various act(s) like Sales Tax, Service Tax or other, then concerned forms to be submitted accordingly to change the status of your firm/business.

5) A seperate PAN has be obtained by the Income Tax Department and accordingly the IT Returns has be to filed. And after conversion to partnership the assets & liabilities of the firm of proprietory concern can be transferred to the firm's name.

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

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

cgagroshg cgagroshg

Shailesh Prajapati

Ravi

ramesh kumar

Ashif Cheenikkal

Subscribe Now

Proprietory firm to partnership or pvt. ltd. co.

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA