Sole proprietorship

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 March 2012 my father has been a sole proprietor in his firm since 1969 . now he wants to retire and wants me to be the proprietor of the same firm . how to go about it ?

CA. Hari Kishan

CA. Hari Kishan (Expert)
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02 March 2012 Under Karnataka VAT, should the father desire to transfer the running business to son .. there shall be a change of TIN registration no. (is like taking a fresh registration).

The TIN no. would remain the same only if there is TRANSMISSION OF BUSINESS and business devolves upon the legal heir.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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02 March 2012 After obtaining the trade licence, you can start the sole proprietorship business .You have to register under VAT and obtain other licenses depending upon your business.

for any query and knowledge login:

http://dare.co.in/strategy/legal-policy/legal-formalities-for-starting-a-company-in-india.htm

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