Running an individual show is indeed a tough task. And when it comes to business, expansion requires division of work; your Sole proprietorship business can be definitely converted into Partnership form of business, with just a click at TratoIndia.com.
Sole Proprietorship business can be converted into Partnership form of business (formalized under Indian Partnership Act, 1932) by entering into a Partnership Deed with your incoming Partner and transferring all your business assets and liabilities as contribution in the partnership. Registration of Partnership is not mandatory as per the provisions of Partnership Act, 1932. However a registered Partnership comes up with several advantages. After signing of Partnership Deed, one need to apply for the fresh tax registrations such as Service Tax registration and VAT registration. Further other government departments and regulators such as Income tax authorities, Director General of Foreign Trade, Bankers etc must be informed about such conversion.
We at TratoIndia.com shall assist you in drafting your customized Partnership Deed after understanding your requirements and future plans and registering the same with the concerned Registrar at an affordable price. TratoIndia.com can also help you in getting fresh tax registrations for your newly formalized partnership business and liaison with other regulators on your behalf.
Below is the list of documents and information required for converting a Sole Proprietorship into a Partnership:
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