Conversion of proprietorship to partnership firm

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 January 2018 There is firm known as 'Sachin Enterprises' of which Sachin is the Proprietor. Now, Sachin wants to enter into a partnership with Kambli and convert the Proprietorship into a Partnership known as say 'Cricket Enterprises'. Please let me know how to go about it. How should the conversion be reflected or in other words what should be added to shown the 'conversion process' in the normal Partnership Deed?

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KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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28 January 2018 You have to create new Partnership firm, not possible to convert proprietorship concern to partnership, status of entity is different.