a person was doing business under sole proprietorship. however after few years he simultaneously started a LLP with his sons and starting doing same nature of business in LLP as well. now he wants to transfer all his assets and liabilities to LLP as he has stopped doing business under sole proprietorship.
Questions:
1. can he transfer assets & liabilities in the form of capital contribution in LLP ?
2. can he transfer the bank accounts(loan as well as savings) to LLP as well?
please specify any other legal way which would be best for the above scenario. Objective is to clean his individual books.
CAclubindia
