Transfer of Partnership to Proprietorship
I was doing job as sales person in private sector during that i have started a small business on the name of my wife in 2013. I had registered my firm and had TIN number. Then I had started partnership with my friend’s wife. Done partnership deed of 50% each and convert proprietorship to partnership in 2016. I changed states of firm with government body. Then came GST, we have migrate to GST from TIN.
Please note during all these time I was handling this business from starting and after leaving my job in 2016.
Then in 2017 as i was free from job I decided to join with my wife and removed my friend’s wife from partnership. We did a deed of retirement and appointment of new partner. But we did not changed the status with Bank. We informed to GST and IT dept . Now as we husband and wife
Are partners and I am doing all the business I want to transfer my firm status from partnership to proprietorship on my name . I want to free my wife from all legal responsibility.
What can we do ? What is the procedure? As I have develop my firm name in the market I want keep the same name in the new proprietorship. Because that name is spread in the business community