proprietor death
Snehal Patel (5 Points)
05 April 2019
What happens if proprietor of a firm expires and the firm having bank cc loan. How can it be transferred to his son's name.
1 Replies
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 05 April 2019
in case of proprietary concern the legal heir needs to get the business transferred in his name. this is done by cancelling all the registrations under various acts like shop act GST PAN etc.. and applying a fresh registration in legal heirs name.
the bank will have to transfer the existing CC account to sons proprietary concern and he will be liable for any liability against it. he will have to provide the shop act copy in his name
the bank will have to transfer the existing CC account to sons proprietary concern and he will be liable for any liability against it. he will have to provide the shop act copy in his name
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