Properitorship firm continuation
Abdul Jillani
(Querist) 19 May 2015
This query is : Resolved
D/sir/Madame,
My father was expired and after that my mother takes the charge of properitor as my father has given a adhikaar patra in his liftime to my mother, on basis of that my TIN no. is same as alloted to my father is now ammended on my mothers name. Is the firm continues as it is with all the work experience, turnover and such other credentials. please advice me I really need a positive response for existence of work
bsrao
(Expert) 20 May 2015
A sole proprietorship is an individual (or married couple) who owns a business. The existence of the sole proprietorship ends upon the death of the owner. In this case, it is evident that the firm was owned by the married couple earlier and the firm continues to exist during the life time of your mother.
T. Kalaiselvan, Advocate
(Expert) 22 May 2015
The firm after the demise of your father should devolve on all his legal heirs but since your mother is looking after that as a sole proprietor, all the other other legal heirs may execute a release deed in her favor or at least a NOC to allow her to run the firm as a proprietor.
Abdul Jillani
(Querist) 22 May 2015
Mr. T.Kalaiselvan Sir, we all have already given our NOC for running of business by my mother which is clearly mentioned on the proprietorship deed which we have made.
Abdul Jillani
(Querist) 22 May 2015
Thanks Mr. B S Rao Sir for your Valuable opinion
Abdul Jillani
(Querist) 22 May 2015
Thanks Mr.T.Kalaiselvan sir for your valuable opinion
