Ad-Free CAclubindia and Daily Updates on your mobile. Subscribe Now!

Takeover of Partnership Firm

CS Pooja (Company Secretary) (305 Points)

18 December 2010

Dear All,

Can anyone provide me the procedure for takeover of Partnership Firm by a Pvt Ltd Co ?

Which points are to be considered form Income Tax and Company Law angle?

Regards,

CS Pooja

Reply
Follow
Share

7 Replies

HARDIK (COMPANY SECRETARY NCFM (Corporate Governance )) (664 Points)
Replied 20 December 2010

you have to make business purchase agreement and also consider which assets you are going to take.also take income tax applicable in case of assets purchase. Also mention the consideration whether cash or shares.

Upgrade to CAclubindia Pro. Subscribe Now!

Ajay Mishra (Company Secretary) (74337 Points)
Replied 20 December 2010

Please find the details procedure for the same.

Regards

Attached File : 7 chapter ix company registration checklist.pdf downloaded: 2038 times

CS Pooja (Company Secretary) (305 Points)
Replied 20 December 2010

I do not want Part IX conversion.What is the procedure for Takeover of business of the Partnership Firm?

Is stamp Duty Under Bombay Stamp Act is applicable?

(Guest)

@ Pooja: Business purchase agreement needs to be entered. Stamp duty is applicable on the NET ASSETS Value derived. Stamp duty rate will be same as of conveyance deed.