conversion of a pvt ltd co into partnership
This query is : Resolved
25 September 2007
Dear Sirs,
I would like to know the procedure for converting a pvt ltd co into partneship with the same shareholding pattern.
There are accumulated reserves in the company which has to be transferred to the shareholders who would be the ultimate partners of the new firm. Is there any way out to avoid Dividend Distribution Tax , as the money is still going to remain in the business.
And further will the transfer of the assets attract capital gains ?
I would like to know the procedure for converting a pvt ltd co into partneship with the same shareholding pattern.
There are accumulated reserves in the company which has to be transferred to the shareholders who would be the ultimate partners of the new firm. Is there any way out to avoid Dividend Distribution Tax , as the money is still going to remain in the business.
And further will the transfer of the assets attract capital gains ?
Ravikumar.G
(Expert)
26 September 2007
Company can be a parner in partnership firm. But cannot convert to partnership firm. I think there is no procedure in the Act.
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