assessee has a manufacturing company turnover is 20lakhs. now he has to transfer his business to his son.
what are the legal procedures and accounting procedures.
please suggest me.
Different options available......
Simple and preferable one is to start new concern in the name of son, transfer any (left out) inventory of father's account (may be as gift) to son, & close the old concern.
Other option is to convert the proprietorship to partnership & then dissolve back to proprietorship. Here name and goodwill is retained, at the cost of some administrative cost.
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