Korgaonkar K A
Asso.prof.(commerce & Management) Pg
+3 Others

Thread Started by #mita mukherjee

Dear All
What legal step we have to take to convert proprietorship firm into partnershipfirm.In proprietorship firm we have service tax no. profession tax no . of proprietor. then what is next procedure?
Thanks & Regards
17th July 2013 From India
Dear Mita ji,
Proprietoryship and partnership are two seperate / different entities. In proprietary, the proprietor is a sole owner of the business. Whereas, in partnership, partners are owners of the business. Even you have same name and nature of business in partnership, you need to have all the registrations, license, code numbers etc. separate in partnership.
You need to first sign a deed of partnership, get it registered with the registrar of partnership firm. Open a bank account, apply for PAN number and for required registrations, licence, codes etc.
17th July 2013 From India, Mumbai
Sir, Mr.Keshav’s point is absolutely correct. So do as per his instruction. After getting the PAN in the name of partnership then register with service tax and all other government departments
17th July 2013 From India, Coimbatore
Mita ji
1. To convert the firm from propritorship to partership first we need a parter of mutual understanding towards the goal of bussiness.
2. A deed of agreement to be made as per the code and ethics to run and which will be made in by advocate registering in registrer of firm office.
3. On the basis of name of the firm a joint account will be opened .
4. PAN No is must and followed by service tax certificate be obtained.
5. Depending on strength PFand ESIC registration be required and other required govt . Statutory registration.
18th July 2013 From India, Bongaigaon
Dear Mita,
As advised by others this Partnership firm is going to be altogether a new firm for which you have to obtain all statutory regn.,certificates, codes etc. in the name of the Partnership Firm. There is no automatic conversion or amendment or transfer from the existing Prop.firm to Part.firm. Therefore obtain the following:
1. Registration Certificate from the (Sub) Registrar of Firms
2. Registration with the state govt. labour dept. & under the Shops & Commercial Estt. Act
3. PAN
4. TAN
5. Service Tax
6. If it is going to be a small scale of medium estt. then under MSMED Act and NSIC
7. VAT regn. if sale of goods involved
8. PF/ESI registration.
For your information there is one more option to have a Limited Liability Partnership Firm (LLPF) the details of which is attached.
19th July 2013 From India, Bangalore

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File Type: doc LLP-An Overview of Limited Liability Partnership.doc (81.5 KB, 1024 views)

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