Dear Client,

Liability on proprietorship firm and its owner is same and cannot be sold but only it`s assets. Your wife will have to start new propriety firm in her name, Your proprietary will dissolve. You can sell or transfer assets to her.

GST will be surrender if left no use. New GST will apply.

Hi,

The same can be done through a deed.

convert existing proprietorship firm in to a a Partnership Firm inducting your wife as another partner and after some time you can resign from the partnership firm which will be automatically converted to proprietorship firm.

New GST registration has to be taken in name of firm

There is no requirement of any formal document for the transfer of proprietorship firm in the name of any other person but if you want to get it registered then can do so without any legal problem.

Everything can be transferred to the proprietorship firm of your wife(once the same is incorporated) on a deed of assignment.

For getting the proprietorship firm of your wife incorporated and to get this transfer done under a Deed of Assignment, contact a local lawyer/CA/CS.

Hi

1) Since it is a proprietary firm and it is proposed to change the ownership of firm from Husband to Wife, you can execute a simple conveyance deed transferring the business from Husband to wife and get it registered at sub-registrar office. The cost of registration of transfer of ownership will be about Rs3500-/- at Sub-Registrar office.

2) Also for change of ownership details for GST, You should change the ownership details by filing a GST registration amendment application has to be filed electronically. The existing GST registration certificate need not be cancelled.

3) All changes to GST registration information, the GST amendment application form GST REG-14 must be digitally signed by the applicant within 15 working days of change in any information.

4) After filing of the application, a GST officer has to verify and approve / disapprove it within 15 working days in the FORM GST REG-15. When approved, the amendment would be applicable from the date of the occurrence of the event warranting the amendment.

Hope this information is useful.

Prepare the transferring document. Submit applications for transfer to all the concerned departments like GST, etc.

1. This can be done by making a deed of assignment of business whereby you would transfer the trade name, its goodwill and whatever movable assets and liabilities it has to you wife.

2. So engage an advocate and get such deed drafted by him.

3. Since its movable assets are getting transferred such deed does not require any registration.

4. GST registration will remain in the name of same firm and firm remains only the proprietor gets changed.

Sir a transfer deed can be made wherein you transfer the complete asset to.your wife the deed can be notarized and based on same the GST and PAN number of your wife can be added she shall I'm furtherance to that will be proprietor of the Firm.

Simply sell the stock to new business after getting GST no on wife pan.

1. Execute a proper Stamp Duty paid Registered Agreement for Transferring Business goodwill, Assets & Liabilities in favor of the new owner.

2. GST number remains the same and the new owner will come on record in lieu of the above. PAN updation also is necessary. Contact a local Company Secretary, for the above work.

Keep Smiling .... Hemant Agarwal

Business assets and liabilities of a sole proprietorship are personally owned by the sole proprietor, not by a separate business entity. The sole proprietor can transfer his business by selling its tangible and intangible assets; thereby, transferring the responsibility of running the business to a new owner.

You can't sell a sole proprietorship; you can only sell the business assets. Unlike a corporation, there's no legal difference between a sole proprietorship and its owner. The company doesn't own assets or sign contracts – you do. To transfer ownership of your business, you transfer ownership of the relevant assets.