Wants to sale proprietorship firm


SHAH ABBAS   14 September 2019

SHAH ABBAS

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I want to sell my proprietorship firm to my partner or any other person , What should we Do & what is the procedure ?

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Rammi_RP Rawat (Accountant )     14 September 2019

Rammi_RP Rawat
Accountant  
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Convert the proprietorship firm into a Partnership firm, firstly, it is required to incorporate a partnership firm and then arrange for PAN.Once PAN of partnership firm received, apply for registration under GST. Once GST number successfully generated, it is required to open a current account of the firm. After this, complete the process of seeding such Bank account details to GST registration.

Now finally, in proprietary firm, file all GST Returns and pay pending taxes.

Once all tax dues paid off, apply for cancellation of GST number giving reasons as ‘Change in legal Structure of firm’. It will also ask to enter GST number of new Partnership firm.

After this, transfer all assets and liabilities into partnership firm as sale of business by proprietor to partnership firm. Under GST laws, it has been provided that in case of such conversion, there is no need to pay GST on such transfer of assets from one entity to another.

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SHAH ABBAS   18 September 2019

SHAH ABBAS

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I already have proprietorship firm , wants to Remove my Name From properitorship firm , wants to transfer firm my another person only..

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