CA SANDESH MAHIPAL (Practicing in GST and MSME ) (1985 Points)
12 October 2012
Whether all the partners of partnership firm after dissolution can be partners in the sole proprietorship firm and profits of that proprietorship firm can be distributed to all the partners for tax purposes in their profit sharing ratio?
Thanks in Advance
CA Ayush Agarwal
(Kolkata-Pune-Mumbai)
(27186 Points)
Replied 12 October 2012
in Sole Prop Firm, No Partner Concept is There.
CA SANDESH MAHIPAL
(Practicing in GST and MSME )
(1985 Points)
Replied 12 October 2012
sai kiran mulukalla
(s)
(61 Points)
Replied 12 October 2012
| Originally posted by : CA SUNNY AGGARWAL | ||
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Whether all the partners of partnership firm after dissolution can be partners in the sole proprietorship firm and profits of that proprietorship firm can be distributed to all the partners for tax purposes in their profit sharing ratio? Thanks in Advance |
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sai kiran mulukalla
(s)
(61 Points)
Replied 12 October 2012
Proprietorship means only one person handling Enterprise.So qestion of partners in sole proprietory doesn't arises.
sai kiran mulukalla
(s)
(61 Points)
Replied 12 October 2012
If the 4 individuals are of same family,Income can considered as HUF income.
I feel Joint Venture does not work because Joint Venture says for a particular contract/work.
CAclubindia
