Shivani Kapur (Manager-Compliances) (23 Points)
08 September 2017Dear Friends
Please guide me
I want to know if a partnership firm can be converted into a subsidiary of a Indian private limited company.
What is the procedure please guide me.
Plz help i will be very thankful to u.
Shivani
Shrijay Sheth
(Co-Founder)
(2692 Points)
Replied 13 September 2017
Here, the procedure shall be carried on by conversion of Partnership Firm into Private Limited Company. While conversion if more than 50% shares of proposed company shall be subscribed and allocated to the Company decided as Holding Company then the proposed company will be considered as the subsidiary company of the existing Private Limited Company. Further, the consent of members and Board of holding company shall be accorded by way of passing requisite resolution.
The procedure of conversion shall be carried on by filing form INC 1 for name approval and SPICe forms for incorporation. The consent of the Secured Creditors of the firm shall be accorded for such conversion along with the consent of Partners.
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