Exchange of proprietorship firm

[hiten khandelwal]

hello every one,

plz help me to clear my doubts,say Mr pawan proprietor has has proprietorship firm named as bhadra traders say Mr Rati proprietor has a proprietorship firm named as pawan traders.

 now Mr pawan is running pawan trader and Mr rati is running bhadra trader now it is possible to exchange the proprietorship firms like Mr pawan become proprietor of pawan trader and Mr Rati become proprietor of a bhadra trader. Is this possible ? if yes what procedure to be followed kindly help me on this doubtful case.

[DR.MARIAPPAN GOVINDARAJAN]

There is no specific law for proprietoryship.

AI Summary

Proprietorship law: no specific statutory framework identified for exchanging ownership of proprietorship firms in this query. Query whether two proprietors can swap ownership and operation of their respective proprietorship firms, and what procedure would be required. The only recorded reply states that there is no specific law for proprietorship, leaving the question unanswered as to any dedicated statutory procedure for such an exchange.