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.

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.