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Conversion of proprietorship firm to partnership firm. (Business Law)

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This query is : Resolved


Author : Manohar Mali

Posted On 07 March 2013 at 19:11

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.




Expert : prabhakar singh

Posted On 07 March 2013 at 20:01

NO FORMAT!AND FOR WHAT?

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.

ENGAGE A BUSINESS LAW LAWYER OR A C.A.




Expert : Devajyoti Barman

Posted On 08 March 2013 at 07:48

Yes no format is there.
You have to simply execute a partnership deed keeping the same trade name or a new one.



Expert : raj kumar makkad

Posted On 11 March 2013 at 20:29

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.


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