Transfer of ownership in case of proprietorship

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 August 2018 How can a person transfer the ownership of his proprietary business to his son? What are the legal formalities for doing so? Can it be done through a will if he has more than one son? How will the registrations with statutory bodies be transferred in the name of new owner?
Please guide on the above issue.
Thanks

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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05 August 2018 Not possible to transfer business in proprietary concern, you can parllely open same trade name for your son name discontinue your businesses can transfer stock invoicing with applicable taxes so that your son get ITC if applicable.