Question ID : 40779

Conversation of sole proprietorship to partnership

I'm practicing as sole proprietor and i wanna add my friend as a partner and wanna convert it into partnership firm with same name(Proprietorship), does existing experience will be loosed or not, by this act? Thanks in advance

Answer ID : 80685

Yes, You can do this but this needs to be done via, merger route. where in tell your friend to open sole proprietorship in his name and them after merger his sole proprietorship with your firm. in that way your existing experience will not be loosed.

Answer ID : 80687

No, the Existing experience will not get loosed by you. Your constitution date would be the same. Your experience would be counted since the constitution of you Proprietorship Firm.

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