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Conversion of proprietorship to patnership

(Querist) 07 January 2013 This query is : Resolved 
On of My client want to convert their business proprietorship to partnership in this case new partnership deed prepared but is necessary to add a clause "of conversion from proprietorship to partnership" if it something to add kindly help me out regarding that clause to add on the deed

ajay sethi (Expert) 07 January 2013
not necessary . as far as partnership deed is concerned buy some books on drafting .
Geet (Querist) 07 January 2013
thanks Sir
ajay sethi (Expert) 07 January 2013
thanks for your appreciation
Devajyoti Barman (Expert) 07 January 2013
Yes not mentioning of proprietorship to partnership is required.
With the execution of partnership the proprietary business comes tpo an end.
Geet (Querist) 07 January 2013
its being great to gain from you
thanks a lot once again
Raj Kumar Makkad (Expert) 07 January 2013
Proprietorship was an individual matter whereas the partnership is between more than one persons so there is no legal requirement to mention such clause in the deed.
V R SHROFF (Expert) 07 January 2013
Only show individal names of person n& execute Partnership deed 7 register it.

Then include the prop business in it.
Geet (Querist) 09 January 2013
IN THE CASE OF ASSETS AND LIABILITIES OF PROPRIETORSHIP FIRM TRANSFER TO PARTNERSHIP IS IT NEED TO MENTIONED ANY CLAUSE.
ajay sethi (Expert) 09 January 2013
if assets of prorprietor are transferred to partnership firm mention the contribution of proprietor .
Raj Kumar Makkad (Expert) 09 January 2013
Separate shares of capital of partners should be clearly defined and the share of this partner should be included as all assets of proprietorship.


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