Business query

Querist : Anonymous (Querist) 29 November 2023 This query is : Resolved
I run a business through partnership firm. I have the trade license, PAN Card and partnership deed.
Age of my firm is only 2 months. Not opened a bank account till now.
Now I want to change it to a sole proprietorship company.
My queries are
1. Shall I need to prepare a dissolution deed
2. How to change details in trade License and pan card

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Quick Summary

This discussion covers the process of converting a newly formed partnership firm into a sole proprietorship. Key steps include preparing a dissolution deed with partner consent, updating details on the trade license (which may not require a new one if it's in your name), and obtaining a new PAN card for the sole proprietorship.

kavksatyanarayana (Expert) 30 November 2023
The dissolution deed shall be executed by all the partners and if the partnership deed is registered before the Registrar of Firms, the dissolution deed also be registered. The trade license is in your name no fresh is necessary. Pan cards for the proprietor business may be taken.

T. Kalaiselvan, Advocate (Expert) 01 December 2023
The decision to convert should be based on the specific needs and circumstances of the business.
with the consent of partners firm can be dissolved or if it is partnership at will with consent of any partner.
deed of dissolution should provide that assets , goodwill of firm shall remain with you and other partners reimbursed.
obtain PAN card in name of sole proprietorship.

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