Reconstitution

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Samik Banerjee (Querist)
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21 July 2021 I am having a partnership firm . Want to convert it to a proprietorship firm as the partner is willing to exit willingly. Is it possible to continue with the same firm name and GST number. Can the same Current Account in bank be also reconstituted or ammended to proprietorship from partnership firm.

CMA Poornima Madhava

CMA Poornima Madhava (Expert)
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22 July 2021 Since there is a change in the constitution, new gstin to be obtained in the name of the proprietor. Process for this is slightly different from regular registration of a new organization.
As I understand, the same bank account can be used for the purpose of registration provided only the proprietor is the account holder of such bank account.