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Question ID : 41154

418074

If Sole proprietor Chartered Accountant firm will be merged into a partnership firm. Whether that sole proprietorship firm have an option to de-merge later on. If yes, how long the option is available for de-merger and whether ICAI reserves the name of proprietorship firm.

Posted by Shobhit Bansal on Sep 27, 2021

Filed Under MISC.

Answer ID : 81343

Sole proprietorship firm has the option to de-merge from partnership firm anytime. But ICAI not reserves name of proprietorship firm. Re-registration of proprietorship firm is required.

Posted by CA. chunauti dholakia on Sep 28, 2021
Answer ID : 81344

YES, SOLE PROPRIETORSHIP FIRM HAS THE OPTION TO DEMERGE. THE FIRM HAS TO DEMERGE WITHIN 5 YEARS. IF GIRM DEMERGE WITHIN 5 YEARS THE SENIORITY OF THE SOLE PROPRIETORSHIP WOULD BE COUNTED FROM THE DATE OF INCORPORATION OF FIRM.

Posted by SHUBHAM SONI on Sep 29, 2021
Answer ID : 81357

Demerger option within 5 years of merger

Posted by CA JEET REWRI on Nov 16, 2021