Tax implication on conversion of proprietorship into llp

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Querist : Anonymous

Querist : Anonymous (Querist)

11 December 2017 Two sole proprietorship concern wants to join hand as an LLP what will be the tax implication and what is the procedure?

Expert : Anonymous

Expert : Anonymous (Expert)

11 December 2017 As per my view Can't convert proprietor to any other firm...

Dhirajlal Rambhia online

Dhirajlal Rambhia online

(Expert)
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30 September 2021 No tax liability. Both the individuals form the LLP and transfer their Proprietorship's assets to the firm as their capital.

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