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Partnership converting into propristership concern and maining old bank acc

(Querist) 23 December 2011 This query is : Resolved 
Dear Firends, Can you discuss about the following queries?
1 Whether a partnership firm can be converted as propritership concerned?
2. If yes, whether the propritership concern can continue the bank account already opened in the partnership firm?
ajay sethi (Expert) 23 December 2011
has the partnership firm being dissolved? without dissolution how can it be converted to proprietorship concern . only on dissolution one of partners can carry on business as sole proprietor
Nadeem Qureshi (Expert) 23 December 2011
Mr. sethi is right
M V Gupta (Expert) 24 December 2011
Dissolve the pertnership first. In dissolution deed you have to mention that you are taking over the business on settlement of accounts between the partners. The old bank account in the name of partnership firm cannot be used by you as sole proprieter. You will have to open a seperate account in the name of the sole proprietorship concern
Sankaranarayanan (Expert) 24 December 2011
I do agreed with mr guptha and sethi.
Guest (Expert) 24 December 2011
Agree with experts.
prabhakar singh (Expert) 24 December 2011
I too agree with M/s. Gupta and Sethi.
Arun Kumar Bhagat (Expert) 25 December 2011
I think Bank Account can be operated by producing Partnership dissolution deed to the Bank and filling a fresh form.
malipeddi jaggarao (Expert) 27 December 2011
If the bank account is mere current deposit account, what Mr.Arun Kumar told above is right. If it is borrowing account, this is not possible.
Shailesh Kr. Shah (Expert) 27 December 2011
answer of both question is Strictly "NO".

After dissolution of firm, partners are free to do same business but it can't be legally connect with dissolved firm.

Bank account should be closed during the dissolution of firm.
Devajyoti Barman (Expert) 28 December 2011
Yes I agree too.


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