I am running a wholesale and retail buisness of medicines as a proprietor in the name of GOODWILLMEDICALS. Now I wish to form a LLP. Is it possible to convert GOODWILL MEDICALS and form a LLP . Will I require a diffrent GSTN and drug licence or old GSTN and Drug licence will be incorporated in LLP. What is procedure?
thanks
You will need a different GSTN for running a LLP. The existing business could be sold to the LLP and the same is exempt vide sl. no. 2 of notification 12/2017-CTR. Unutilized credit could also be transferred to the LLP by filing FORM ITC-02. Not sure with regard to the validity of drug licence. Suggested to consult and expert in that area.
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