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Question ID : 42274

Conversion of Partnership Firm into Sole Proprietorship Firm

In the year 1997, Mr. Akash started practice with the sole proprietorship firm name "Agrawal Akash & Associates". In 2012, the sole proprietorship firm was converted into partnership firm by entering two new partners - Abhishek and Ankita. In 2017, Mr. Akash retired from partnership firm. Now, ankita want to retire from firm and Abhishek wants to continue the same firm name "Agrawal Akash & Associates" with same Firm Registration No. so that the experience of the firm can be considered everywhere. Ques. 1 Can Abhishek continue as proprietor of Sole Proprietorship Firm "Agrawal Akash & Associates" ? Ques. 2 Whether experience of the firm will be considered for Bank Audits? Thanks & Regards,

posted by CA. ADARSH AGRAWAL on May 6 2022 12:00AM

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