Partnership to Private Limited Company
Many people start their business as a Sole Proprietorship or Partnership to save money and comply with regulations, with the expectation that the Partnership business will develop and the revenues involved will increase. Furthermore, the Partnership firm is frequently transformed into a Private Limited Company in order to limit responsibility and take advantage of the benefits of a Private Limited Company.
By converting a partnership to a private limited company, which becomes a separate legal body, the risk of responsibility is reduced, and personal assets are protected, unless in the event of fraud. A private limited company’s incorporation and compliance procedures are governed by the Companies Act of 2013, and its shares are held privately.
Essential for converting the Partnership into a Private Limited Company
- There must be at least two directors and shareholders.
- Partnership The deed must be filed with the ROC.
- Certificate of No Objection from the Partnership Firm’s Secured Creditors
- According to the Companies Act of 2013, each company must have a unique name.
- Capital Contribution Minimum
- Registered Office
- Getting the MOA and AOA ready
Documents Required for Partnership to Private Limited Company
- PAN Card: Shareholders’ and Directors’ PAN Cards Passports from foreign nationals are acceptable.
- Identity Proof: Shareholders and Directors’ Aadhar cards, voter IDs, passports, and driving licences
- Address Proof: Shareholders and Directors’ latest bank account statement/telephone bill/electricity bill
- Photo graph: Shareholders and Directors’ most recent passport-size photographs
- Business Address Proof: The registered office address’s electricity/telephone bill
- NOC from Partners: All of the applicant’s secured creditors must sign a No Objection Certificate.
- Rent Agreement: If the registered office has a rent agreement, it should be presented.
- Verification: At least two general partnership partners must verify a copy of the partnership deed and the Certificate of Registration responsibility.
- Copy of ITR: A copy of the Partnership firm’s most recent income tax return
Advantages
- Shareholders are only liable to a certain extent.
- The corporation makes it easier to raise funds because there are no restrictions on the number of stockholders.
- Legally distinct entity.
- Expansion and diversification are two words that come to mind while thinking about expansion and diversification.
- Shareholding and management changes and revisions can be made without disrupting corporate policies.
- Outsiders cannot take control of the company.
- Assets and obligations are transferred.
- On the transfer of property from one corporation to another, there will be no capital gain tax.
- Constant succession is something he enjoys.
OUR PRICING PLANS
Standard
₹ 14,999
- complete company incorporation
- Certificate of incorporation (COI)
- Permanent account number (PAN)
- tax deduction account number (TAN)
- director identification number (DIN)
- digital signature certificate (DSC)
- memorandum of association (MOA)
Gold
₹ 16,999
- complete company incorporation
- Certificate of incorporation (COI)
- Permanent account number (PAN)
- tax deduction account number (TAN)
- director identification number (DIN)
- digital signature certificate (DSC)
- memorandum of association (MOA)
- articles of association (AOA)
- Bank account opening
- GST registration
- MSME / UDYAM registration
Platinum
₹ 19,999
- complete company incorporation
- Certificate of incorporation (COI)
- Permanent account number (PAN)
- tax deduction account number (TAN)
- director identification number (DIN)
- digital signature certificate (DSC)
- memorandum of association (MOA)
- articles of association (AOA)
- Bank account opening
- GST registration
- MSME / UDYAM registration
- Share certificate issue
- company commencement form filling