if I change my constitution from proprtorship to partnership, the same bank account can be continued?
Replies (3)
Quick Summary
When changing your business structure from a sole proprietorship to a partnership, you generally cannot continue using the same bank account. This is because a partnership will have its own unique PAN (Permanent Account Number), distinct from your personal PAN used for the proprietorship. Therefore, a new current account is typically required for the partnership firm to ensure proper accounting and compliance.
No it can't. Since your PAN is used for Prop. and there would be seperate PAN for partnership. So any turnover for the earlier prop. bank account will be accounted on your PAN, that is the reason why you need a seperate account for partnership firm.