Whether all the partners of partnership firm after dissolution can be partners in the sole proprietorship firm and profits of that proprietorship firm can be distributed to all the partners for tax purposes in their profit sharing ratio?
Thanks in Advance
in Sole Prop Firm, No Partner Concept is There.
| Originally posted by : CA SUNNY AGGARWAL | ||
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Whether all the partners of partnership firm after dissolution can be partners in the sole proprietorship firm and profits of that proprietorship firm can be distributed to all the partners for tax purposes in their profit sharing ratio? Thanks in Advance |
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Proprietorship means only one person handling Enterprise.So qestion of partners in sole proprietory doesn't arises.
If the 4 individuals are of same family,Income can considered as HUF income.
I feel Joint Venture does not work because Joint Venture says for a particular contract/work.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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