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Partnership to Private Limited Company

It is good practice to start of small in an unincorporated manner, but that does allow the business to scale up and reach maximum growth as the many of the features are missed out in a partnership incorporation. The features such as transfer of shares, limited liability, easy funding process etc are a major things a growing business must consider when they are exploring. A partnership firm may be converted into a company either by making all the partners subscribers to the Memorandum of the new company or, the new company which is incorporated takes over the partnership firm which is known as Partnership to Private Limited Company Conversion.

It is incorporated as a new company in the MOA, with the mentions of board directors and important credibility details as such, with that being signed the transfer of power happens to the new private limited company which is represented in terms of acquisition.

At Unilex Consultants we provide you a hassle free registration process which would be dealt by our professionals within a time frame of 20-25 days and is subjective to governmental processing time. Our team takes care of the documentation and aids in provide you the realistic estimation of cost.

Advantages of the conversion from Partnership to private limited company


Stamp duty free

As the assets are already in the part of the company’s name there is no need of paying any exemplary stamp duty for the transfer of assets.

Credibility

A private limited company will have more credibility and brand value in terms of the general public.

Investment

A private limited company would attract more investment and angel investors attention as a result the company would have more flow and progress.

Taxation

The overall process for transferring is taxation free and can be done without any problems provided meeting the requirements.

Documents For Partnership to Private Limited Company Conversion


Passport size photograph of Directors

Copy of Aadhaar Card/ Voter identity card

Copy of PAN Card of the Directors

Electricity/ Water bill (Business Place)

Landlord NOC (Format will be provided)

Service tax or sales tax number if any

Proprietorship registration certificate

Partnership deed

Call Us at : 0120-4134791

OR


PACKAGES


Basic

11999/-
Inclusive all taxes

Name Approval
MOA/AOA
2 DIN
2 DSC
PAN & TAN
Certificate of Incorporation
Share Certificate

Premium

16999/-
Inclusive all taxes

Name Approval
MOA/AOA
2 DIN
2 DSC
PAN & TAN
Certificate of Incorporation
Share Certificate
Newspaper advertisement
PAN surrender
Department follow up
Trademark filing
GST registration

Standard

14999/-
Inclusive all taxes

Name Approval
MOA/AOA
2 DIN
2 DSC
PAN & TAN
Certificate of Incorporation
Share Certificate
Newspaper advertisement
PAN surrender

Note:

  • The above price may vary due to stamp duty in various states
  • Trademark filing excludes government fees

Procedure of Partnership to Private Limited Company Conversion

1

Obtaining DSC and name approval

1-3 working days

Digital Signature Certificate (DSC) is required for the proposed Directors of the Private Limited Company. After getting DSC we will apply for name approval.
2

Document Review & Completion

3-4 working days

Once the name gets approved, our team will get in touch for a unique name and along with that collect all the requisite documents in scan for the incorporation of the company through the SPICE i.e INC 32 and form URC 1 for conversion.
3

Document Submission

1-2 working days

After the review of all the documents required, we will submit them to the MCA and once it gets approved by the ministry we will send the MOA & AOA via mail and DSC through courier.

Condition For Partnership to Private Limited Company Conversion :

  • All the assets and the liability of the Partnership concern relating to the business immediately before the succession become the assets and the liability of the company.
  • The shareholding of the Partnership the private limited company is not less than 50% of the total voting power in the company and his shareholding continues to remain so for a time period of 5 years from the date of the succession.
  • The partners of Partnership firm does not receive any benefit or consideration, directly or indirectly, in any form or manner, other than by way of allotment of shares in the company.
  • The Board of Directors shall enter into an agreement with the firm for its acquisition.
  • Shares have to be allotted by the Board of Directors to the partners according to the terms of agreement.
  • There must be at least 7 partners and the partnership firm has to be registered.

FAQ’s About Partnership to Private Limited Company

  • What are the requirements to execute a conversion?

    There must be at least 7 Partner in the partnership firm.
    1. The firm may be registered with the Registrar of Firms.
    2. There must be a fixed capital divided into units.
    3. There must be provision of converting a firm into company.
    4. There must be an agreement by the partners to convert the partnership to a company. This can be done by a contract in writing to this effect to which the partner’s resolution for conversion can be attached as annexure.
    5. Execute a settlement deed.
  • What is a Private limited company ?

    A private limited company is treated as a business entity dealt completely by private ownership. The provisions of company Act 2013. For the registration of a Private limited company it is mandatory to have four roles defined sorted namely 2 Directors and 2 Shareholders. It is not necessary to have four different people to be part of the establishment, a person can act as both the shareholder and one of the directors.
  • What is the Memorandum of Association and the Articles of Association of a company and what is the procedure in their regard?

    On receipt of the name approval letter from the ROC the MOA and the AOA are required to be drafted. The MOA states the main, ancillary / subsidiary and other objects of the proposed company. The AOA contains the rules and procedures for the routine conduct of the proposed company. It also states the authorized share capital of the proposed company and the names of its first / permanent directors. After the MOA and AOA are required to be stamped.
  • Minimal Capital involved in registering as as a private limited ?

    There is no Set capital required as mentioned by 2013 governmental laws, if there is a additional capital involved we can sort it out via additional stamp duty.
  • How is the certificate of incorporation issued?

    After all the documents are filed, the ROC calls the attorney on a specific date for scrutiny and making the corrections in the MOA and AOA filed. On complying with the same, the certificate of incorporation is granted to the attorney.
  • What are the things to expect after conversion ?

    1. Members Count : In a private limited company there must be a minimum of 2 people involved who would be share the roles of both shareholders & directors and to a maximum of 200 members
    2. Liability - Legal protection for the shareholders are the main reason why businesses seek to go the private limited route.
    3. Middle ground - Private Limited companies provide the best of two worlds having the legal protection as well as keeping the process simpler.
    4. Capital Limited - The initial capital limits the shareholders with the company in terms of theoretical value of shares and any paid in return to the set company.

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