Coversion of Propreitor ship to Partnership Firm

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Querist : Anonymous

Querist : Anonymous (Querist)

01 April 2010 one of my friend Runing Proprietorship business. He want to convert into partnership firm alog with relatives partnes. The balance sheet of propreitorship as follows:

Currenet Liabilites

Capital account 3,00,000/-
CAR LOAN 4,00,000/-
SUNDRY CREDITORS 2.50.000/-
------------ TOTAL 9,50,000/-
-----------
Current Assets

FIXED ASSETS 7,85,000/-
Current Assets 1,65,000 /-
-------------- total 9,50,000/-
------------
My question is how convert all this to parnership firm. Any document i have to make and what r da procedure. pls provide me DEED copy of conversion. New partner are introuducing fresh capital in their account, mY E-MAIL IS nagrja2008@yahoo.com

M Prabhakar Menon

M Prabhakar Menon (Expert)
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01 April 2010 U will have to prepare a partnership deed registration of the deed is not compulsory under the Indian Partnership Act 1932.In the preamble to the deed u can state the background details if the partners so desire.