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
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.
CAclubindia
