1. You can purchase the same by way of deed of assignment.
2. On the basis of assignment you can change name and apply for trade and other regulatory licenses on new names.
3. once it is done you can open new bank a/c.
What is the procedure of takeover of a proprietorship firm?
We ourselves are a proprietorship firm and are planning to take over another one. We are located in Delhi and the one we are taking over is located in Uttarakhand. We are also planning to change the name and open a bank account here in Delhi. What is the procedure and what documents are required?
Asked 10 years ago in Business Law
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5 Answers
1) deed of assignment can be entered into for purchase of sole proprietor ship concern .
2) on basis of said agreement name can be changed and application made for various licences .
3) you can then open bank account in name of new concern
1. A deed of assignment can be executed for purchasing sole proprietorship.
2. After the deed is made the name of proprietorship can be changed and regulatory licenses be obtained in the name of the new proprietorship concern. Subsequently bank account can be opened in the name of new concern.
1. If you are planning to purchase a proprietorship firm then, you shall have to execute a Deed od Assignment,
2. After executing the said Deed of Assignment, you can change the name of your taken over firm and open Bank account accordingly,
3. Engagage a local lawyer for the said purpose.
query is resolved