Need process for take over proprietary to Pvt Ltd Company

[Pooja Rohada]

HI 

plz provide process for r take over proprietary to Pvt Ltd Company

Regards

Pooja Hemnani 

8888449911

[Sandip Gohel]

I. Pre-requisites & Key Considerations

Minimum Requirements:

Minimum 2 Directors (one must be an Indian resident) – the proprietor can be one of them.

Minimum 2 Shareholders (can be the same as directors).

No minimum capital requirement.

Transfer of Business:

A formal Business Transfer Agreement (BTA) or Slump Sale Agreement must be executed.

The sole proprietor should hold at least 50% of the voting power in the new company and ideally retain it for 5 years.

The Memorandum of Association (MoA) of the new company should clearly state the objective of taking over the existing proprietorship.

II. Incorporation Process of the Private Limited Company

1. Obtain DIN & DSC for all proposed directors.

2. Name Approval via RUN or SPICe+ form.

3. Draft MoA & AoA, incorporating the business takeover clause.

4. Prepare & Submit SPICe+ Form along with:

ID & address proofs of directors/shareholders

Registered office documents

Consent to act as director (DIR-2)

5. Receive Certificate of Incorporation (COI) from the Registrar of Companies (ROC).

III. Transfer of Proprietorship to the Pvt Ltd Company

Execute the BTA/Slump Sale Agreement

Transfer all assets, liabilities, licenses, and contracts

Close or convert bank accounts; open new account in the company’s name

Notify vendors, customers, lenders, and other stakeholders

Ensure legal transfer of movable/immovable assets with supporting documentation

Required Documents

For Directors/Shareholders:

PAN, Aadhaar/Voter ID/Passport/Driving License

Passport-sized photographs & specimen signatures

For Registered Office:

Electricity bill/property tax receipt

Rent agreement & landlord’s NOC (if rented)

For Proprietorship Business:

Bank statements (6 months)

Financials (P&L, balance sheet)

List of assets/liabilities

GST and other licenses

   सत्यं वद , धर्मं चर

SANDIP GOHEL

B.Com, LLB, CS 

 8000737308

GOPAL RADHE CONSULTANCY AND SERVICE PRIVATE LIMITED

CIN : U74999GJ2022PTC135521

Corporate Secretarial Services | Secretarial Audit| ROC, CLB, RD Compliance | Corporate Governance | Legal Due Diligence | Companies Formation | FEMA and RBI | LLP Formation| Trust Formation| XBRL Filings  | Intellectual Property Rights|FSSAI|GST|

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[Pooja Rohada]

For Execution BTA, Notary is sufficient or any other process to follow

Regard

Pooja Hemnani 

8888449911

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[SURENDER HARSH]

NOTARY IS SUFFICIENT , BUT CONSIDER STAMP ACT FOR AGREEMENT FOR PROPER STAMPING ASPER STATE

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Thanks & Regards 

CS SURENDER KUMAR HARSH 

FCS, MBA (FINANCE), DLM, DIM, M.COM. ,TRADEMARK ATTORNEY,

S.K.HARSH & ASSOCIATES (UNIQUE ID - (S2014RJ2642000)

COMPANY SECRETARY IN PRACTICE  (F10229)

(PEER REVIEWED FIRM( PRC NO. 2691/2022)

Past Chairman Bikaner Chapter NIRC of ICSI

IST FLOOR VED MARKET RANI BAZAAR, 

BIKANER RAJASTHAN-334001

98291-61417, 85030-11417 

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Web :www.skharshassociates.com

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[Nithya Gokul]

Is valuation of newly incorporated company is mandatory for share allotment for consideration other than cash(takeover of sole Proprietorship)?

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