We are a Private Limited Co. and we are suppose to take over a Properitorship Firm can you please tell me what are the formalities i need to perfom earliest.
2 Replies
SkDash
(CS (Member) CWA (Final))
(909 Points)
Replied 19 August 2011
As per me- you can simply buy the business of the concern or the assets and liab on slum sale basis and pay the party either shares or other consideration. But the provision of related party transaction, capital gain etc to be looked into. I dont think there is any special permission/ filing etc needed for such transaction.
AMIT MISHRA
(Legal Professional)
(393 Points)
Replied 19 August 2011
Dear Mansi,
I agree with Mr. Santosh apart from this also consider the following
In this regard the following may be considered:-
1. The object clause of the company
2. An agreement is to be executed to takeover the assets & liablities of the company.
3.Form 2 for alloting shares to properitor for cash or consideration other than cash(if any).
Amit Mishra
BSamrish & Co
New Delhi
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