Rajat Khatri (2 Points)
27 June 2025I am looking to purchase a partnership firm registered in 1988.
The main reason for that is its date of existence. For my specific need the entity should be registered before 2002 in state of Uttarakhand, back then Uttar Pradesh .
My query is , what would be procedure of takeover of that firm and will it's existence will be seen from the date it was registered by orginal partners or from the date new partner joins.
Rama chary Rachakonda
(Master in Accounts & high court Advocate)
(8573 Points)
Replied 30 June 2025
The procedure for taking over a partnership firm involves conducting due diligence, negotiating an agreement with existing partners, registering the change with the Registrar of Firms, updating the firms records, notifying banks and creditors, ensuring tax compliance, and obtaining other regulatory approvals. The existence of the firm will be seen from the date it was originally registered by the original partners.
Certification Course on GSTR-3B Reconciliation with GSTR-2B through AI Tools
CAclubindia
