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Question ID : 42230

Incorporation of Partnership firm

I have been practicing as a proprietor for past 3 years and now i wanted to convert it to a partnership firm and also change the name of the firm, by doing this will i loose the 3 years seniority of the firm ??. Will i be alloted a new FRN or old FRN will continue for the reconstituted firm.

Posted by Abi Muthuraj on Mar 03, 2022


Answer ID : 81454

You first induct the partner in the existing proprietorship firm. After induction It will become a partnership firm. After that you change the name of your firm. BY doing this the seniority of the existing firm shall be maintained.

Posted by CA. JHA SHANKAR KUMAR on Mar 31, 2022