Transfer of proprietorship

Martin Fernandes (Querist) 10 February 2014 This query is : Resolved
Dear Sirs'

My wife was a proprietor of a manufacturing company no she has expired and i want to takeover and run the business how do i change the bank ac and the proprietorship of the firm in terms of registration and legal procedure. Please Guide

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R.K Nanda (Expert) 10 February 2014
consult local lawyer.

ajay sethi (Expert) 10 February 2014
did your wife leave any will ? or she died intestate? did she leave any nomination ?

Martin Fernandes (Querist) 10 February 2014
She died intestate and there is no nomination for the Business but there is nomination for the bank accounts

Thanks

ajay sethi (Expert) 10 February 2014
are you the only legal heir? any children ? if your wife has nominated you then on fulfillment of bank formalities bank will release the funds .

Rajendra K Goyal (Expert) 10 February 2014
Bank account has to be closed and new account with operating authority of new proprietor would be opened for further operation. Any balance in old account can be withdrawn on the basis of nomination in the account.

The assets and liabilities of the old firm are the property of all legal heirs of the deceased. The books have to be closed and balance sheet has to be prepared.

All licenses have to be taken / transferred in the name of new proprietor.

Guest (Expert) 10 February 2014
New account of the firm would need be opened, as old proprietor's account becomes defunct on her death. The legal heirs can claim the balalce hown in the firm's account after completion of necessary formalities.

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