Conversion of proprietorship into pvt ltd

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ONE OF MY CLIENT HAS SEVEN PROPRIETORSHIP FIRMS WHERE ALL THE PROPRIETORS ARE FAMILY MEMBERS.

NOW, THEY WANT TO CONVERT INTO A SINGLE PVT LTD COMPANY?

IT ACT TELLS ABOOUT CONVERSION OF A SINGLE PROPRIETORSHIP TO A SINGLE PVT LTD,

THEY WANT ALL THE SEVEN FIRMS TO BE CONVERTED INTO ONE PVT LTD .

IS IT POSSIBLE TO DO SO?

Replies (2)

Form a PVT Limited Co and acquire the firms n issue shares to the proprieters as considration

ARE TAKE OVER AND CONVERSION SAME?

IT ACT EXEMPTS CAPITAL GAIN ON CONVERSION BUT NOT ON TAKE OVER


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