Transfer of proprietorship to son

Rahim (Businessperson) (460 Points)

28 January 2014  

Mr X has a licenced medical store which is in the nature of proprietorship in Kolkata. He wants the shop's business to be transferred in his son's name, Mr S.

Points need clarification:

  1. Is there any provision that the shop medical license be tranferred in his son's name?
  2. Should a new license be made and the business should be started afresh? If yes then how will  the closing stock be treated?
  3. Are there any other solutions.

This is beenn done because the son has got married and need to be settled down.