07 March 2013
There is a Proprietorship firm called Jaydee Enterprise. The Proprietor wants to convert it to Partnership firm with his 3 sons. Please state me the format of conversion deed (.doc form)and state what point I should consider while drafting the deed. It's urgent. Please reply quickly.
IN THIS SITUATION A FRESH PARTNERSHIP DEED WOULD BE EXECUTED BETWEEN ALL PARTNERS IF THEY ARE MAJOR AND COMPETENT TO CONTRACT.THE SAME FIRM NAME CAN BE ADOPTED.DEED SHOULD SHOW THE SHARING OF PROFIT/LOSSES OF ALL SEPARATELY AND MODE OF DISSOLUTION .DEED SHOULD NOT SHOW CAPITAL BROUGHT IN THE FIRM OTHERWISE STAMP DUTY SHALL GET ENHANCED AS PER CAPITAL.THE PARTNERSHIP FIRM SHOULD BE GOT REGISTERED WITH REGISTRAR OF THE FIRMS AFTER ITS' CONSTITUTION.
11 March 2013
Proprietorship firm is nothing but a business of an individual and now a partnership firm has to take over this business so no special formalities are to be completed. A simple partnership deed is required to be executed and registered with the help of a local lawyer.