Question ID :
37990
conversion of proprietorship into partnership
I am having my proprietorship firm since 2016, now we want to convert it into partnership firm. whether seniority of firm for bank audit empanelment of firm will be considered from existing firm or from newly formed partnership ? and also guide me for ICAI procedure regarding this conversion?
Thanking You,
Posted by
Mehul Gelot
on
Feb 19, 2019
Filed Under
MISC.
File application for approval of firm name in form 117. After obtaining firm name approval, execute partnership deed and file form 18 for registration of firm. If trade name is not changed, seniority of firm will be considered from date of constitution of existing firm.
Posted by
CA. chunauti dholakia on
Feb 20, 2019
Answer ID :
76298
As you are converting your existing firm into a partnership firm, therefore the seniority of the firm will be intact. Further you have to file the duly executed partnership deed with ICAI along with Form number 18.
Posted by
CA. JHA SHANKAR KUMAR on
Feb 20, 2019