Can partnership firm split into proprietorship
SANJAY SINGH
(Querist) 21 November 2017
This query is : Resolved
CAN PARTNERSHIP FIRM SPLIT INTO PROPRIETORSHIP FIRM AND USE WORK EXPERIENCE AND FINANCIAL CREDENTIAL OF PARTNERSHIP FIRM BY WAY OF SETTLEMENT CUM DECLARATION DEED FOR NEWLY CREATED PROPRIETORSHIP FIRM.
DR.VEDULA GOPINATH
(Expert) 21 November 2017
Yes it can be done. Please send me your partnernseed copy to gude you further
cs dr vedula gopinath senior lawyer and arbittator vgnath@gmail.com
Dr J C Vashista
(Expert) 22 November 2017
The partnership firm has to be winded up (dissolved) in terms of Memorandum of Association and Articles of Association of the firm giving wide publicity (through newspapers) and intimating the Registrar of Companies (where it is registered).
Subsequently the partners may opt for doing their business as sole proprietor, no bar.
SANJAY SINGH
(Querist) 22 November 2017
Please opine on carrying forward the credentials earn as partner to new propritership firm and acceptability of the same.
SANJAY SINGH
(Querist) 22 November 2017
Please opine on carrying forward the credentials earn as partner to new propritership firm and acceptability of the same.
Guest
(Expert) 22 November 2017
How you are concerned with the issue.
If you are a law student, you may have to concentrate on your study material. If you are a partner of any firm, please discuss what type of problem has arisen.
Since the process is of conversion of partnership firm in to a proprietorship firm cannot be discussed in one or two sentences, it would be better for you to discuss the issues in detail with some expert by showing the registration documents, profit & loss and assets & liability accounts of the past 4-5 years along with several other issues, like issues of goodwill and patents, etc. of the partnership firm, valuation, etc., for appropriate guidance about the process to be adopted for winding up of the firm and opening of the proprietorship firms.
