Proprietorship into existing partnership
Querist :
Anonymous
(Querist) 01 February 2011
This query is : Resolved
can anybody tell me that whether more than two proprietorship firms can become partners in a existing partnership firm by closing their existing prop. firms. If yes?
1.what will happen of assets and liabilities and capital of prop. firms.what will be the value on which they will be tranferred.
2.what will be the stamp duty on transfer of assets to the partnership firms.
3.what will happen of various licenses taken by prop. firms under various laws for doing the business.
Raj Kumar Makkad
(Expert) 01 February 2011
Yes.
1. It depends upon them and no specific law comes in their way. It is advisable to appoint any independent arbitrator/mediator/valuer in this process so that no discrimination may be made with any person.
2. Rates are different from State to State.
3. They shall have to be got cancelled or shall get cancelled as soon as proprietorship ends.
Querist :
Anonymous
(Querist) 02 February 2011
thanks a lot sir!!!!!!
But can u tell me that is there any way out to save the stamp duty in this transfer of Assets from prop. to part.firm .If no, what will be the rate as I am in the state of Madhya Pradesh?
