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want to change proprietorship to partnership

Pritam Dasgupta (49 Points)

27 January 2018

I want to change my business proprietorship to partnership, so what is the procedure.?

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6 Replies

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 27 January 2018

No way for Change proprietor to Partnership...

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Divakar (Student CA Final ) (11857 Points)
Replied 28 January 2018

For a partnership deed and take gst no in firm

Sujit Kumar Gupta (Accountant) (45 Points)
Replied 28 January 2018

OK Sir

I taken GST number for partnership firm so let me kbow how can surrender propritorship GSTIN and and how to show closing stock of proprietership business ?

saurabh goel (haryana) (7 Points)
Replied 12 October 2019

Issue: GST Impact: Change in Constitution of business From Partnership to Proprietorship or vice versa

Solution : Following case can be possible

Case 1: Person don't want to change the business

Sol: Then the person no need to take fresh registration of proprietorship. Only amend the existing GST into proprietorship. And as per sub clause c of Clause 4 of schedule II of section 7 of CGST Act,2017, If business is going concern then it is not deemed as transfer of assets of business. Hence No outward GST Liability. So, Person should avoid to take fresh registration unless there is actually change in Business.

Case 2: Person who want to change the business

Sol: Then the person take fresh registration. Then it is treated as transfer as per section 7. Then seller pay GST outward liability. Buyer will take ITC of that.

Thanks,

CA. Sourabh

M.NO. 8708366802

If any doubt remains, then feel free to contact.

Divakar (Student CA Final ) (11857 Points)
Replied 12 October 2019

In case of partnership pan no is in name of firm and in case of proprietorship pan no is in name of proprietor...and gst is pan wise...then how can possible

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Nagendra Reddy Seethi (6 Points)
Replied 05 September 2020

Sir, In my case Sole Proprietor want to transfer to partnership firm and proprietor is not a partner in the firm (he relatives are taken over) Now they are employees of that business Please clarify me the impact of GST and Income tax?