How do i convert my proprietorship to partnership

Forums Index > Legal and Regulatory Issues > How do i convert my Proprietorship to Partnership

TOPIC : How do i convert my Proprietorship to Partnership

Posted on 25 June 2014 at 21:57:00

A Proprietorship concern can be converted into a partnership following the below procedure:

1.Minimum 2 members (partners) to be there to form a partnership
2.By mutual understandings of the partners, a deed as to be prepared as per Indian Partnership Act, 1932
3.The partnership can be registered under the Indian Partnership Act, 1932
4.If your proprietary concern is registered under various act(s) like Sales Tax, Service Tax or other then concerned forms to be submitted accordingly to change the status of your firm/business.
5.A separate PAN has to be obtained by the Income Tax Department and accordingly the IT Returns has be to filed and after conversion to partnership the assets & liabilities of the firm of proprietary concern can be transferred to the firm's name.

For further details, you may contact support@vakilsearch.com

Ms. Aparajita

(Tradeindia Expert)

Vakil Search

Vakil Search
Chennai, India

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