CONVERSION OF SOLE PROPRIETORSHIP INTO PRIVATE COMPANY

[Poonam Maheshwari]

Dear ALL

can any one tell me the procedure for conversion of sole proprietorship into private company.................................... kindly answer it............... its very urgent

[Ramaswami Mohan]

I do not think there is a procedure for incorporating a sole propitiatory concern into a company under the CA 2013 - like incorporating a partnership firm with 7 partners as a company under the said Act.

I think you need to incorporate either a OPC or a Company, which will take over the assets and liabilities of the proprietor. 

views of other members welcome.

regards,

Mohan

On 2 July 2014 18:00, Poonam Maheshwari <poon...@gmail.com> wrote:

Dear ALL

can any one tell me the procedure for conversion of sole proprietorship into private company.................................... kindly answer it............... its very urgent

--
--
************************************************
Mail your comments, feedback and suggestions on CSMysore to Moderator: datta...@gmail.com and Manager: vivekhe...@gmail.com
---
You received this message because you are subscribed to the Google Groups "CSMysore" group.
To unsubscribe from this group and stop receiving emails from it, send an email to csmysore+u...@googlegroups.com.
For more options, visit https://groups.google.com/d/optout.

--
CS. R.  Mohan
Mobile: 9908814677

[Kanak Kabra]

I recently did so. There is no set procedure in the act. You need to incorporate a company first with the same objects as the firm. Pass a board resolution to takeover the business of the firm.Then a contract is signed between company and firm setting out the terms and conditions of takeover. You need to clearly state the conditions of takeover including the shares to be issued in lieu of capital of the firm. Dissolve the firm and takeover by acquisition of assets and liabilities. File relevant forms with Roc.

Regards
Kanak Kabra

On 02-Jul-2014 6:00 pm, "Poonam Maheshwari" <poon...@gmail.com> wrote:

Dear ALL

can any one tell me the procedure for conversion of sole proprietorship into private company.................................... kindly answer it............... its very urgent

--

[CS. JAYANT SUTHAR]

please see sec 366 of new act 

--

Jayant Suthar

M.Com., ACS, CWA (Int.)

[vibh...@gmail.com]

Conversion of Sole Proprietor Business is like takeover of the proprietor business by Pvt. Ltd. Cos.

U need to incorporate a company with the main object of takeover of the Proprietorship business viz

To take over by devolution of law the business carried under the name and style of M/s. ___________with all its assets, rights, trademarks, patents, obligations and liabilities and to carry the same into effect with or without modification.

[Rajan Antony]

When the company take over the property of the sole proprietary  firm, is it called us transfer of assets and pay tax as per income tax ? unlike part IX conversion ( in part Ix conversion, company is not required to pay any tax for transfer of assets to Company from Firm)

--

--
************************************************
Mail your comments, feedback and suggestions on CSMysore to Moderator: datta...@gmail.com and Manager: vivekhe...@gmail.com
---
You received this message because you are subscribed to the Google Groups "CSMysore" group.
To unsubscribe from this group and stop receiving emails from it, send an email to csmysore+u...@googlegroups.com.
For more options, visit https://groups.google.com/d/optout.

--

A.Siluvairajan M.Com, CS.  

Company Secretary,

Mumbai
Mob.- +981994418

       +

Email: CSsiluvairajan@gmail.com

 

 

Please consider the environment before printing this e-mail. Paper is made out of trees. Conserve, Reduce, Re-use, Renew and Recycle !

Thank you

“Good decisions come from experience, and experience comes from bad decisions.”

[CS. JAYANT SUTHAR]

there is no capital gain .... if transfer under sec 47(xiv), 47 (xiiib) and 47 (xiii)  of the Income Tax Act