Conversion of Partnership firms in to a new Company

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Panduranga (Querist)
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26 December 2008 Sir,

There are 3 seperate partnership firms. I need to convert them in to a New Private limited Company. how to do it without attracting Capital Gain.

Taxguy

Taxguy (Expert)
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26 December 2008 if you make all the partners Directors and they hold the same sharing pattern, then it should be possible. Are there any immoveable properties in the firms.

Panduranga

Panduranga (Querist)
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27 December 2008 Thank you sir.

But there are three partnership firms, how to asign same sharing pattern to all partners?

Yes there are immovable properties in all three firms.

Is it compalsary that all partners to be directors or is it enough if they are only members.

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Panduranga

Panduranga (Querist)
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03 January 2009 waiting for replies please...