*** A Partnership Firm was established by two  friends who had obtained NTN & Sales Tax Number in the name of Firm. Now one of the partner is not interested in running the Firm as he is doing his personal business. The remaining only Partner wishes to continue Firm as NTN/Sales Tax # has already been obtained in the name of Firm. Now the question is that whether remaining partner can run this Firm while maintaining Bank account in the name of Firm by himself only. Is there any procedure to convert existing Partnership Firm into Proprietorship concern.
3 Answers from Attorneys
Is it frim or a privt lmted company ?
No procedure to convert it.. However things are dependent on the Partnership deed.. Kindly email me at [email protected] so that i can guide u accordingly..
instead of converting firm into proprietership u can also reduce share, power, by amendment in firm legal papers
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