Question ID : 40607

Proposal for Conversion of Proprietorship into Partnership

Dear Sir, Now my firm constitution is proprietor and file MEF Form for 2018-19. Now i decided to convert my proprietary concern into partnership firm after 15th April 2020. when i file my MEF for 2019-20 i fill the details in MOC regarding any changes made then in next year when bank statutory audit allotted to me then is it allotted in the name of partnership firm or proprietary firm, please advise. or if it is alloted in the name of proprietorship concern then how i sign the audit report in the capacity of propretor as i am a partner in firm at that time. Thanks in advance.

Dear Sir, Please note that at the time of Application for MEF your firm will be a Partnership firm and you will apply as Partnership Firm only however the Credit of the partner added later on will not be given. So You will be given assignment in the name of partnership firm and you will also sign the form as Partner.