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Question ID : 41150

Conversion of CA proprietorship into partnership and change in name

Hi, Please do guide me in this. Ms. A (senior) and Ms. B have two proprietorship firms having separate FRNs. Both want to set up a partnership completely different from their individual practice. Can Ms. B join Ms. A as a partner convert her proprietorship into partnership and then change the firm name? Will a new FRN will be granted in a case of change in firm name or it can continue with existing one? What are the results of the above in relation to bank audit empanelment and CAG empanelment?

Posted by Andrea Samantha Lewis on Sep 21, 2021

Filed Under MISC.

Answer ID : 81331

If partnership firm with new name is constituted, new FRN will be alloted. If existing proprietorship firm is converted into partnership firm, same FRN will continue. In case of partnership firm with new name, experience in old proprietorship firm will not be considered for bank audit empanelment. In case of new firm without changing name, such experience will be continued.

Posted by CA. chunauti dholakia on Sep 22, 2021