my client having business of manufacturing of copper bottle under partnership. he wants to close the same under partnership and wants to continue the same under proprietorship. what actions shall I take? please guide me
Need obtain Registration under Proprietary firm & then can transfer the business from partnership to Proprietary firm (With any GST Liability , refer Notification 12/2017 CT (r))
Note : While Registration process of proprietary firm provide the GSTN of partnership firm (to transfer business). & while cancellation of Partnership firm provide the reason of cancellation "change in constitution" & mentioned therein the GSTN of Proprietary firm.
Any credit lying in Partnership firm credit ledger can also be transfer to propritory firm by filing ITC 02