Proprietorship to Private Limited Company


Price : 20,000.00

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A Sole Proprietorship is a business entity is wholly owned and controlled by an individual; it is a good form of business for individuals who want to start small business. Initially, when a business is established, the most preferred choice is a sole proprietorship structure because of its low compliance requirements. A few years after of a business owner runs his/her Sole Proprietorship successfully, it becomes clear that the next logical step would be to expand the business’ operations by operating as a Private Limited entity for greater advantages. Such changes can help you to expand your business, have better access to financing, protect your assets, risk-manage your liabilities, enjoy corporate tax incentives, attract investors and recruit quality talent on board your team. On the other hand, a Sole Proprietorship has completely opposite characteristics and positions the burden on the owner itself.

 

As a business grows, the demands of business and the drawbacks of a proprietorship firm could force businessman to start the process for conversion of proprietorship into private limited company. We aware that a Sole Proprietorship is a business entity is wholly owned and controlled by an individual; it is a good form of business for individuals who want to start small but as business grows it necessitate converting it into some greater form for greater advantages. And it is advisable to opt for private limited company as private limited company offers significant advantages over the proprietorship form of business.

PAN Card

Self attested PAN Card issued by I.T. Department

Aadhar Card

Self attested Aadhar Card issued by UIDAI

Id Proof

Self attested id proof (Voter ID/DL/Passport)

Address Proof

One month Bank statement/ telephone bill

Photographs

A latest passport-size colour photographs

Utility Bill

Latest electricity bill with NOC/ Rent Agreement

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Condition for Conversion

  • A takeover agreement or sale agreement needs to be entered into between the sole proprietor and company.
  • The Memorandum of Association (MOA) needs to carry the object “The takeover of a sole proprietorship”.
  • All the assets and liabilities of the sole proprietorship must be transferred to the company.
  • The shareholding of the proprietor should not be less than 50% of the voting power, and the same must continue to be held for a period of 5 years.
  • The proprietor does not receive any additional benefits either directly or indirectly, except to the extent of shares held.

Documents required

PAN Card

Self attested PAN Card issued by I.T. Department

Aadhar Card

Self attested Aadhar Card issued by UIDAI

Id Proof

Self attested id proof (Voter ID/DL/Passport)

Address Proof

One month Bank statement/ telephone bill

Photographs

A latest passport-size colour photographs

Utility Bill

Latest electricity bill with NOC/ Rent Agreement

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