Coversion of proprietorship to others

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104 Points Posted on 02 March 2023
can we Convert Proprietorship into Partnership firm, LLP or Private company.
If yes. Which is better?
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On 02 March 2023 at 13:51 Report
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This discussion explores the conversion of a proprietorship into other business structures like a partnership firm, LLP, or private limited company. The process involves incorporating a new entity and then executing a business transfer agreement. The best choice among these options depends on individual circumstances, and seeking professional consultancy is recommended to determine the most suitable structure.

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Chartered Accountant
1005 Points Posted on 02 March 2023

The proprietor has to enter into the "Transfer of business" agreement.

Secondly, what is better among LLP, a Private company, or a Partnership firm, depends on various factors. Obtain paid consultancy from any expert to ascertain the best suitable form of business for you.

In case of any further queries, kindly mail me at casoravgupta @ gmail.com

Thanks & Regards
CA. Sorav Gupta
(Practicing Chartered Accountant)

 

2 Reply
On 02 March 2023 at 14:26
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104 Points Posted on 02 March 2023
We need to first incorporate the fresh entity and then enter into the transfer business agreement.
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On 02 March 2023 at 14:43

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