formalities for conversion of proprietorship into private limited

[CA Mukesh Patel]

Dear Members,

I have incorporated pvt ltd with object to take over business of proprietorship.

Whether any form if required to file with ROC?

 

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No candle loses its light while lighting another candle..so never stop sharing and helping. Regards, CA Mukesh Patel

[CS Manish Mishra]

Dear Sir,

URC-1 will be filed with ROC. Kindly refer Section 366 and rules thereunder. Further, I believe that a proprietorship concern cannot be converted in to Private Company as there is requirement of minimum 7 members in the entity which is about to be converted.

[vishnu kumar]

Dear Sir,

Even i have a same kind of assignment, any other professional's who has dealt like this kind of work?

Conversion of proprietorship to Pvt Ltd

On Fri, Jan 22, 2016 at 3:25 PM, CS Manish Mishra <manishm...@gmail.com> wrote:

Dear Sir,

URC-1 will be filed with ROC. Kindly refer Section 366 and rules thereunder. Further, I believe that a proprietorship concern cannot be converted in to Private Company as there is requirement of minimum 7 members in the entity which is about to be converted.

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[Akshay Vernekar]

First of all, Patelji, takeover is not the case of conversion of the entity.

As you have already mentioned the object as the takeover of the business of the proprietor, make a valuation of the business of the proprietorship and execute a takeover agreement between the company and the proprietor. Such agreement shall clearly state the takeover of the business against the valuation done by the valuer for the value arrived at. 

Once agreement is executed, allot shares in the company to the proprietor against the value of the business.

File form PAS-3 in this regard after following the procedure for the issue and allotment of shares as per the Act.

Others views are highly solicited.

Regards,

Akshay S Vernekar

Cell : +91 9620 164 521

http://snsspearheads.blogspot.in

[Chandravijay Shah & Co.]

Another reason why a Proprietorship cannot be converted into a Private Company is the condition in section 366(1) of the Companies Act, 2013, Namely, the Entity proposed to be so converted must have been formed under any other Law in force at the time of conversion. A Proprietorship is ostensibly not formed under any other Law.

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[Vidhya Narasimhan]

A proprietorship can be takenover only if the company has such object in MOA main object or a resolution I agm and a takeover agreement will do???

Regards,
Srividhya

[LALANA KINI]

Dear All,

will pls. advice on amount of stamp duty to be paid for take over of partnership firm(Slump sale agreement),valuation of Rs.10,88,560,at Chennai.

Regards,

CS Lalana