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Question ID : 41101

CA Firm Conversion— Partnership Firm to Sole proprietor

Dear All, Very Happy Morning. Myself, Vamsi Krishna Ryali, Partner at "Anil and Vamsi Chartered Accountants". We are Two Partners in our Firm. Due to unavoidable situations, my partner wants to move out of the Firm. My unresolved doubts in this regard are as follows:— 1) If my partner Retires from the Firm, Firm will get dissolved since number of partners falls below Two, in such cases, can i convert this Partnership Firm into Sole Proprietorship ? 2) Can i Continue with Existing Trade Name and Existing Firm Registration number of ICAI ? 3) Shall Partnership Firm Experience will be added to Sole proprietorship for Bank Empanelment Purposes ? Thank You for your valuable time.

posted by RYALI VAMSI KRISHNA on Jul 17 2021 12:00AM

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