• What is the procedure of takeover of a proprietorship firm?

We ourselves are a proprietorship firm and are planning to take over another one. We are located in Delhi and the one we are taking over is located in Uttarakhand. We are also planning to change the name and open a bank account here in Delhi. What is the procedure and what documents are required?
Asked 7 years ago in Business Law

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5 Answers

1. You can purchase the same by way of deed of assignment.

2. On the basis of assignment you can change name and apply for trade and other regulatory licenses on new names.

3. once it is done you can open new bank a/c.

Devajyoti Barman
Advocate, Kolkata
22515 Answers
366 Consultations

5.0 on 5.0

1) deed of assignment can be entered into for purchase of sole proprietor ship concern .

2) on basis of said agreement name can be changed and application made for various licences .

3) you can then open bank account in name of new concern

Ajay Sethi
Advocate, Mumbai
84937 Answers
5618 Consultations

5.0 on 5.0

1. A deed of assignment can be executed for purchasing sole proprietorship.

2. After the deed is made the name of proprietorship can be changed and regulatory licenses be obtained in the name of the new proprietorship concern. Subsequently bank account can be opened in the name of new concern.

Ashish Davessar
Advocate, Jaipur
30752 Answers
923 Consultations

5.0 on 5.0

1. If you are planning to purchase a proprietorship firm then, you shall have to execute a Deed od Assignment,

2. After executing the said Deed of Assignment, you can change the name of your taken over firm and open Bank account accordingly,

3. Engagage a local lawyer for the said purpose.

Krishna Kishore Ganguly
Advocate, Kolkata
26191 Answers
726 Consultations

5.0 on 5.0

query is resolved

Ajay Sethi
Advocate, Mumbai
84937 Answers
5618 Consultations

5.0 on 5.0

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