Transfer the ownership of a sole proprietorship business

This query is : Resolved

Nitu pandey (Querist)
Follow

17 September 2016 One of my friends wants to transfer the ownership of a sole proprietorship business to his friend. The business is Shop & establishment registered and there is a bank account associated with the business. What is the procedure of transferring such an entity? Is it possible to change the name of the business during transfer of ownership? How to account for the existing inventory and assets in the business?

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

17 September 2016 if you are sure of having a new name....then better first apply for the liscence under shops and establishment act, under the new name( and new proprietor)
once the new entity is formed, let it purchase the assets of the old proprietary business of friend, at the agreed price. The capital gain is to be worked out in the hands of seller.

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

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

R M Shekhaliya

Amit Goyal

SHRI HARIRAO

Frank

Pushkar Nagda

Subscribe Now

Transfer the ownership of a sole proprietorship business

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

Accountant

GST CONSULTANCY

Manager- Finance and Compliance

Senior Executive

CA Final