procedure for converting sole propietory firm into partnership firm

shital (Querist) 23 September 2010 This query is : Resolved
what all formalities need to be complied while converting sole proprietory firm into partnership firm

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R.Ramachandran (Expert) 23 September 2010
When you talk about partneship firm, there should be minimum two partners. There should be agreement between the two partners which will spell out various terms and conditions of the partnership. The partnership has to be registered. It will be better if you can consult a lawyer for this purpose.

Devajyoti Barman (Expert) 23 September 2010
The partnership firmed can be formed only with more than one member and with a proper deed of partnership. The Registration is optional. As it involves other issues also, so it would be better if you consult an advocate.

shital (Querist) 24 September 2010
thanks

B.R. BHALLA, ADVOCATE (Expert) 24 September 2010
Mr Barman is right. Registration of Partnership deed. However, only a registered Partnership firm can sue.Registration can be sought at any time, but before you wish to file a suit. Terms of partnership should be within the four corners of the Partnership Act.