PART IX COVERSION OF PARTNERSHIP FIRM IN TO LTD CO
This query is : Resolved
08 November 2008
AFTER CONVERSION OF PARTNER SHIP FIRM IN TO PVT LTD CO. THERE ARE SEVEN MEMBERS/ SHARE HOLDERS .
CAN THE NO OF MEMBERS BE BELOW 7 AFTER CONVERSION BY SELLING THE SHARES TO OTHER MEMBERS
CAN THE NO OF MEMBERS BE BELOW 7 AFTER CONVERSION BY SELLING THE SHARES TO OTHER MEMBERS
08 November 2008
Whether it is public or private? If private it is possible. If public it is not possible.
09 November 2008
THERE ARE SEVEN PARTNER IN PARTNERSHIP FIRM,
NOW ON CONVERSION I WANT TO ISSUE SHARES TO ONLY 4 PARTNERS, AND FOR REMANING PARTNERS I WOULD LIKE TO SHOW THERE SHARE AS LOAN WITH INTEREST.
IS IT POSSIBLE
NOW ON CONVERSION I WANT TO ISSUE SHARES TO ONLY 4 PARTNERS, AND FOR REMANING PARTNERS I WOULD LIKE TO SHOW THERE SHARE AS LOAN WITH INTEREST.
IS IT POSSIBLE
10 November 2008
I understand that. I only mean to say that if the partnership has been converted into a public limited it is not possible to make the numbers go below seven. If it is converted into a pvt ltd., it is possible, but after conversion not at the time of conversion. Also have a look at IT Act provisions.
10 November 2008
thank u
From income tax point of view
all the partners of the firm immediately before the succession become the shareholders of the company in the same proportion in which their capital accounts stood in the books of the firm on the date of succession,
and
furhter
the aggregate of the shareholding in the company of the partners of the firm is not less than fifty percent of the total voting power in the company and their shareholding continues to be as such for a period of five years form the date of the succession.
Sir i understood that i cant show / adjust their current account in loan.
sir i understood that i have to allot share in same proportion, but my furhter query, is after convesion 3 partners can sold their share to the remaining shareholders.
Please guide me
From income tax point of view
all the partners of the firm immediately before the succession become the shareholders of the company in the same proportion in which their capital accounts stood in the books of the firm on the date of succession,
and
furhter
the aggregate of the shareholding in the company of the partners of the firm is not less than fifty percent of the total voting power in the company and their shareholding continues to be as such for a period of five years form the date of the succession.
Sir i understood that i cant show / adjust their current account in loan.
sir i understood that i have to allot share in same proportion, but my furhter query, is after convesion 3 partners can sold their share to the remaining shareholders.
Please guide me
10 November 2008
I find it difficult to understand what you say.As long as the condition of the IT Act is kept, the partners can do so within the frame work.
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