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Ca firm partnership to proprietor

Sandeep (Practice) (145 Points)

15 May 2019

Dear all,

I am in a partnership with a person in CA firm. He wants to resign from the firm. I want the same name as my Proprietorship firm.

is there any way that I can convert the partnership firm to Proprietorship firm?

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7 Replies

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 15 May 2019

so you mean to say that the CA with whom you are in p'ship, it is his firm and you both are in p'ship and now that CA wants to surrender the p'ship business to your name

Sandeep (Practice) (145 Points)
Replied 15 May 2019

We are partners in the firm. He just wants to surrender his COP and start a job. I want to continue the firm in the same name.

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 15 May 2019

then in that case the p'ship wud get dissolved and valuation needs to be done for the assets that you wud take over in your own proprietary firm from the p'ship firm. retiring partner wud be paid his Goodwill and after that you can continue the existing profession in your own proprietary name

Sandeep (Practice) (145 Points)
Replied 16 May 2019

THANK YOU SIR

Giridhar S Karandikar (Team Lead) (7543 Points)
Replied 16 May 2019

you are welcome

CA Shikha Sharma (Ceo) (3869 Points)
Replied 16 May 2019

I'm case firm was registered then Shall be dissolved

RAJA P M ("Do the Right Thing...!!!") (127177 Points)
Replied 16 May 2019

Originally posted by : Giridhar S Karandikar
	then in that case the p'ship wud get dissolved and valuation needs to be done for the assets that you wud take over in your own proprietary firm from the p'ship firm. retiring partner wud be paid his Goodwill and after that you can continue the existing profession in your own proprietary name