Can anybody guide me about the procedure to convert partnership firm into private limited company? what is the cost/expense involved in this.
Mrs Meghana
The procedure involves Conversion under Chapter IX of the Companies Act.
It involves many RoC and income tax formalities.
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A proprietary business may be converted into a company or a partnership firm may be converted into a company. A company is incorporated by making the sole proprietor as one of the subscribers to the Memorandum i.e. he becomes the first member. In case of partnership firm all the partners become subscribers to the Memorandum of the new company. Or, the new company which is incorporated takes over the sole proprietorship or the partnership firm. There must be specific provision in the Memorandum of the new company for taking over other business as one of its objects and powers must be given to the Board of Directors by the Articles of the new company, to enter into agreements for acquisition of business.
Hello,
Please anybody guide me about procedure to convert partnership into private limited.
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