I am running a wholesale and retail buisness of medicines as a proprietor in the name of GOODWILLMEDICALS. Now I wish to form a LLP. Is it possible to convert GOODWILL MEDICALS and form a LLP . Will I require a diffrent GSTN and drug licence or old GSTN and Drug licence will be incorporated in LLP. What is procedure?
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Conversion of proprietorship bussiness to LLP
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You will need a different GSTN for running a LLP. The existing business could be sold to the LLP and the same is exempt vide sl. no. 2 of notification 12/2017-CTR. Unutilized credit could also be transferred to the LLP by filing FORM ITC-02. Not sure with regard to the validity of drug licence. Suggested to consult and expert in that area.
Not required obtain Drug license, Yes not notify the authority by submitting the change of ownership.
Thanks to Mayank Sir and Pankaj Sir
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