Dear sirs
we have 6 hotels in my name , my parents name .all are proprietory firms. now we decided to convert all these proprietory firms into a pvt ltd company. and me, my parents shall be the share holders and directors.what statutory compliance has to be made? is there any problem in converting 6 firms. please advice me
Sowmya,
There is no procedure prescribed for convertion of proprietoryship firm into company, companies act provides procedure for convertion of partnership firm into company, i opine that you have to first form company than let company allot shares to you for other than cash by taking hotels at price arived by valuation done by CA.
yes i also agree with that point
CAclubindia
