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Question ID : 41089

CONVERSION OF PROPRIETORSHIP TO PARTNERSHIP OF CA FIRM

Hi all, I am into CA Practice from 2015 in proprietroship concern having firm name registered with ICAI. There is another existing Partnership firm with 2 partners registered in the year 2017. Now we want to join together and practice under one firm name with 3 partners. Since my firm (proprietorship) is already empaneled for statutory bank audit and is it correct for the existing partnership firm to dissolve and convert my proprietorship firm to partnership firm? Also guide us whether we can change the firm name once the conversion takes place? Will the name change effect for MEF.

Posted by Vishwanath Walvekar on Jul 02, 2021

Filed Under MISC.

Answer ID : 81180

If the proprietorship firm is dissolved and new partnership firm will be formed without changing name, experience of proprietorship firm will be considered in partnership firm and it will not affect empanelment in MEF. But if new partnership firm will be formed by changing name, experience of proprietorship firm will not be considered for MEF.

Posted by CA. chunauti dholakia on Jul 03, 2021