change of the name of one Proprietory firm
vincent gomez
(Querist) 22 July 2009
This query is : Resolved
I am a sole proprietor of one firm (unregistered without any deed of proprietorship) and got a current bank account open in one bank but did not business till date due to some reason. However, due to certain reason I had to register another sole proprietor firm with execution of Proprietorship Deed and got it notarised and then got a current bank account open in another bank I have also got export code no.in the second named firm and making business transcation in the second said bank account. However, I do not want to close my first current bank account but want to change the name of the firm to the name of the second firm (all and everythine to remain the same except the name of the said sole proprietary firm which is without any deed of proprotorship to another sole proprietorship firm with deed of proprietorship made and notarised) and continue with my export business. What is the legalisation formalities to change the name of my former said firm with the bank, do I have to close my said current bank account or the bank will change the name of my said former name of the firm on record while keeping everything the same including cheque book etc. I want to maintain only one sole proprietary firm and all its licenses etc. in one firm only and I wish to have it in the second said firm in question.
A V Vishal
(Expert) 22 July 2009
Mr Gomez
What is a deed of proprietorship, it is a new concept to the legal fraternity here.Coming to the point, in the modern banking system a change in name of the account holder is not possible, The old account must run in its own name or must be closed, these are the 2 options before you.
vincent gomez
(Querist) 23 July 2009
Dear Mr. Vishal
Thank you very much for your accurate rep;y to the point. It has cleared all my doubts. I once again thank you very much.
Regards
Gomez
rajesh
(Expert) 23 July 2009
earlier account was opened in a diferrent name and now it cannot be changed in name of second firm as both are diferrent entities in eyes of law.
