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I have started a partnership firm in 2014 with my three friends. We signed up a Partnership deed with equal profits share 25% and have gumasta, current bank account and pan card in name of the firm. Now, we want to dissolve it and my other partners want to register a sole proprietorship business. I want to use the same name (as the partnership firm’s), and bank account for the sole proprietorship firm. We also agreed on dividing the assets on mutual understanding. So, I have the following questions:
  1. Procedure of Conversion of partnership firm into sole proprietorship. First of all make P/L and balance sheet on the date of dissolution, and make dissolution deed, get NOC from retiring partner, that he has NO OBJECTION for the business run by you in previous name (as it’s his right also to have business in place of you), file the return...

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