Partnership

Querist : Anonymous (Querist) 15 September 2021 This query is : Resolved
Respected Experts,
I want to start a Partnership firm with the name of "A & D Enterprises" with 3 partners together,
"A & D Enterprises" is already registered as a sole proprietorship firm in the name of one of the 3 partners,
so my query is that after the merger of the partners together as a partnership firm "A & D enterprise" will the firm get a new entity or continue with the same books of the account earlier with a sole proprietorship firm.

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Advocate Bhartesh goyal (Expert) 15 September 2021
You have formed partnership firm so firstly get registered it before Registrar of Firms and change all account books with new one

kavksatyanarayana (Expert) 16 September 2021
How did you start the proprietorship with three partners? Now the three partners shall execute a Partnership Deed with the name of the Firm and with the terms and conditions regarding the operation of Bank Account, shares to be distributed etc. The pan card of the Proprietorship shall get be cancelled and obtain another pan card in the name of the Firm. Though the Registration of a Firm is not compulsory, it is better to get it registered.

SHIRISH PAWAR, 7738990900 (Expert) 17 September 2021
Hello,

The old proprietorship business will be transferred to a partnership firm and you have to conduct business under new partnership firm. You have to maintain books of accounts of the new partnership firm.