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Question ID : 43329

Conversion from Sole Propreitorship into Partnership

I am sole proprietor with trade name registered under ICAI in the month of Sep 2019. Can i apply/ am i eligible for MEF for 22-23, since i am going to complete my three years in Sep 2022. Can i convert my sole propreitorship into partnership firm ? does the conversion into partnership firm will affect the seniority of my firm and would i still be eligible for bank audits after conversion ?

Posted by ravi kishore bhagi on Jul 20, 2022


Answer ID : 83543

Yes. You can file MEF. If the name of firm after conversion will not change, it will not affect the seniority of your proprietorship firm.

Posted by CA. chunauti dholakia on Jul 22, 2022
Answer ID : 83548

You firm is eligible for MEF for the FY 2022-23. It is not required to convert the firm into a partnership firm for MEF. If the name and ICIA FRN for the firm remains the same then conversion will not impact its seniority.

Posted by CA. JHA SHANKAR KUMAR on Aug 01, 2022
Answer ID : 83675


Posted by CA JEET REWRI on Aug 31, 2022