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Can private limited company accept loan from outsiders?

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Guest

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Guest (Querist)
25 February 2022 There is a proprietorship converting to company, we know that company can’t accept loans from outsiders(individuals)..what if previous proprietorship has taken loan from outsider?" what happens to that loans after conversion? how we have to treat them?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
25 February 2022 Treat it as loan on take over, no problem.

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