Partnership to Proprietorship

sanyam jain (Articleship) (65 Points)

20 March 2018

Is it possible.
What's the procedure.
Firm of 2 partners and now 1 of them wants to Carry business as a proprietorship.?

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6 Replies

Vipul Singh (Self Employed) (92 Points)
Replied 20 March 2018

yes it is possible

sanyam jain (Articleship) (65 Points)
Replied 20 March 2018

procedure?

Vipul Singh (Self Employed) (92 Points)
Replied 20 March 2018

proprietorship can be converted into partnership.. Not vice-a-versa.

sanyam jain (Articleship) (65 Points)
Replied 20 March 2018

sir..pehle aap confirm kr lijiye..
dono answers de rhe ho.

RAMAKRISHNAN R (INCOME TAX OFFICER) (1736 Points)
Replied 21 March 2018

dissolve partnership firm and constitute proprietorship concern

Divakar agarwal (Student) (247 Points)
Replied 21 March 2018

pls note that in case PF is holding any immovable property or investment then it will trigger the CG tax liability in the hands of PF on dissolution.

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