Procedure in case of death of a proprietor?

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Querist : Anonymous

Querist : Anonymous (Querist)

10 January 2011 In case of death of a proprietor, what is the procedure for continuation of the proprietorship firm by the legal heirs of the proprietor.
Secondly, if the firm is continued by the heirs, will they get the Bank Audit or the Bank Audit of the same level?

C.A.Javid Patel

C.A.Javid Patel (Expert)
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25 January 2011 1. The procedure is that you have to file form 18 with the institute of chartered accountants of india. You have to change only the name of proprietor. The condition is that the legal heir should be a Chartered Accountant.

2. and if condition are satisfied then it is not necessary that legal heir will get same level of bank audit becuase it is based on experience of proprietor.