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Banking

(Querist) 13 February 2016 This query is : Resolved 
DEAR SIR
MY FATHERS AGE IS 65 YEARS AND THEY ARE PROPRTOR OF OUR FIRM .WE R DOING TURNOVER OF 5 CRORES SHOWING PROFIT OF RS.8 LAKHS AND PAYING TAX NEARLY 1 LAKH
IN BANK HAVING LOAN OF RS 10 LAKH IN FIRM NAME
I WANT TO KNOW HOW TO CHANGE PROPRITORSHIP OF FIRM ..
IF I DO SO THEN WHAT WILL EFFECT ON MY BANK LOAN
Report Abuse
Kumar Doab (Expert) 13 February 2016
Your company can engage the services of an able counsel for this matter.

Your counsel based examination of documents you show can arrange to do the needful.
Devajyoti Barman (Expert) 13 February 2016
Yes, engage a professional. He will do the needful
There is no bar to covert proprietorship to company.
Rajendra K Goyal (Expert) 14 February 2016
Change the firm as partnership, Bank can renew loan / limit as per new constitution.
R.K Nanda (Expert) 14 February 2016
nothing to add more.

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