Shifting from Prop. firm to Partnership firm

Introduction ::: we are building contractors in Punjab and mostly build buildings for B&R, PWD Department. We dont have a licence of our own, so we do work on the name of other licensed Contractors(Mostly Father's Friends) without any formal Documentation or Formal Subletting, we take all the payments in cash and material bills are on the name of Main contractor. Therefore we have no Proofs of the works done by us.
Question ::: Now we and 1 licensed friend of ours(lets say mr. Ram) have decided to make a partnership firm with us. Now to take big Building works one must have done small works also(Formally), which Mr. Ram has done(Formally). So is there a way that the newly formed P'ship firm can start from exactly where Mr. Ram is now ? Or the P'ship firm has to start from Zero ?
Asked 3 months ago in Corporate Tax from Bathinda, Punjab
Sorry, Sir i did not understand your question. What do you mean by starting from zero?
Abhishek Dugar
CA, Mumbai
766 Answers
5.0 on 5.0
  Talk to Abhishek Dugar
Firstly, you are anonymous. Secondly, this eligibility criteria is specific to the person giving the project. You have to check this with that person.

We won't be able to tell you. Sorry!
Abhishek Dugar
CA, Mumbai
766 Answers
5.0 on 5.0
  Talk to Abhishek Dugar
the Partnership firm need to start afresh. You can mention that the partners have experience in the said field and attach copy of the financials.

Your name is not reflected.
Shyam Sunder Modani
CA, Hyderabad
955 Answers
4.9 on 5.0
  Talk to Shyam Sunder Modani
Hello Sir,

You can convert the proprietorship into a partnership with the same name and admit the new members as new partners.

Trust this clarifies your query. 

Feel free to call / get back in case of further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP.
Rohit R Sharma
CA, Mumbai
719 Answers
5.0 on 5.0
  Talk to Rohit R Sharma

Ask a Question

Get tax advice from top-rated chartered accountants. It's quick, easy, and anonymous!
Ask a question

Other questions asked by this user

Other Questions

Chartered Accountants

Abhishek Dugar
CA, Mumbai
766 Answers
5.0 on 5.0
Shyam Sunder Modani
CA, Hyderabad
955 Answers
4.9 on 5.0
Rohit R Sharma
CA, Mumbai
719 Answers
5.0 on 5.0
Vishakha Agarwal
CA, Bangalore
213 Answers
5.0 on 5.0
Shiv Kumar Agarwal
CA, Delhi
197 Answers
5.0 on 5.0
Vishrut Rajesh Shah
CA, Ahmedabad
194 Answers
4.9 on 5.0
B Vijaya Kumar
CA, Hyderabad
290 Answers
5.0 on 5.0
Anuj Agarwal
CA, Aligarh
34 Answers
4.6 on 5.0
Sagar Jayawant
CA, Thane
27 Answers
5.0 on 5.0
B S Sridhar
CA, Chennai
35 Answers
5.0 on 5.0