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Rachna (Director)     05 July 2011

Sole Proprietorship

I want to sell my sole proprietorship concern to one of my close relative with all its assets and liabilities. Please guide me about the procedure. Also, want to know if all the liabilities fully get transferred to new owner with the selling of the concern or do I need to mention that in sale deed about it specifically. There is no litigation/legal issue against the sole proprietorship as of now.

 

Please help asap

 

Thanks and regards

Rachna



Learning

 2 Replies

Shaulabh Shah (advocate)     05 July 2011

Hello...

There no proscribe procudure for the transfer of ownership of  these kind of firms.... But you may do one agreement on this regards like assests, liabliities, firm names..like....

Reply By;- Shaulabh Shah Advocate

Website: www.shaulabhshah.com

pervez (adviser)     05 July 2011

Finalise the accounts first... then, consult a good CA for drafting suitable transfer agreement, after ascertaining tax implications like capital gains etc.

regards


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