Deed of partnership
CS Harsad Seta
(Querist) 30 July 2010
This query is : Resolved
Ours is a proprietorship firm and we want to convert into a partnership firm. In this regard what is procedure and formalities to be done.And if there is any deed for that pl. send the format of deed for conversion from proprietorship firm into partnership firm.
Pl. reply on an urgent basic.
Harsad Seta
9830726779
A V Vishal
(Expert) 30 July 2010
There is no deed for conversion of proprietary concern to partnership. The assets & liabilities of the erstwhile proprietary concern will become the capital of the proprietor joining as a partner on mutual agreement of all the partners.
Raj Kumar Makkad
(Expert) 30 July 2010
There is no conversion deed as asked by you but there is definitely partnership deed which is required to be written with mutual consent containing all the terms and conditions including the fate of assets and liabilities of the already working proprietorship concern. As the owner is the sole proprietor and now he wants to include some other person in his business so all the assets and liabilities as on date concerned with such proprietorship are his own assets and liabilities and should be converted as per partnership concern as per mutual terms.
DEFENSE ADVOCATE.-firmaction@g
(Expert) 30 July 2010
The best way instead of all these hassels, value the prop firm and enter into partnership with other using this value as your capital.
Devajyoti Barman
(Expert) 30 July 2010
No conversion deed is required. Only a formal deed of partnership will do.
G. ARAVINTHAN
(Expert) 31 July 2010
A deed of partnership to be registered and the same to be made mutate in the Commercial tax departments.
