Convert Proprietorship to Private Limited Company 2017-09-26T11:56:44+00:00

Conversion of Proprietorship to Private Limited Company


Ideal for growing businesses

Ideal for growing businesses

Starting At

Rs. 13,999 Onwards

SAVE 60% COST!!!

(Takes <15 days)

Your details:
875-000-8585
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KNOW ALL ABOUT CONVERSION OF SOLE PROPRIETERSHIP TO PRIVATE LIMITED COMPANY

CONVERSION OF SOLE PROPRIETOR TO PRIVATE LIMITED COMPANY


Many business people start their businesses as a Sole Proprietorship due to the low compliance requirements. As the business and the incomes grow, there is a need to separate the bank accounts and the tax filings of the Sole Proprietor and that of the business. To accomplish this separation a possible solution is to convert the Sole Proprietorship into a Private Limited Company.
To convert a Sole Proprietorship into a Private Limited Company, an agreement has to be executed between the Proprietorship and the Private Limited Company (once it is incorporated) for the sale of the business. Further, such Private Limited Company so incorporated must have “the takeover of a Sole Proprietorship Concern” as one of the objectives in its Memorandum of Association.
Conversion to Sole Proprietorship is done through LegalRaasta.

WHAT IS INCLUDED IN OUR PACKAGE


DIN for 2 Directors

Digital Signature For 2 Directors

Name search & approval

MOA/AOA

Registration Fees

Company PAN Card

PROCEDURE FOR CONVERSION


DOCUMENTS REQUIRED FOR CONVERSION


Copy of PAN Card of the Directors

Passport size photograph of Directors

Copy of Aadhaar Card/ Voter identity card

Copy of Rent agreement(If rented property)

Electricity/ Water bill (Business Place)

Copy of Property papers (If owned property)

Landlord NOC (Format will be provided)

Conditions for Conversion


All the assets and the liability of the Sole Proprietory concern relating to the business immediately before the succession become the assets and the liability of the company.

The shareholding of the sole proprietor in 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 sole proprietor 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.

MINIMUM REQUIREMENTS FOR CONVERSION


Minimum 2 Shareholders for Private Limited Company Registration

Minimum 2 Directors

Minimum Rs.1 Lac Share Capital

DIN for all Directors

FREQUENTLY ASKED QUESTIONS


1. Is it necessary to have 2 directors in a Private Limited Company Registration?
Yes, you need a minimum of two Directors for a private limited company. If you are the sole owner, you can register as a One Person Company.
2. Who can be a member of a Private Limited Company?
Any individual/organization can become the member of the private limited company including foreigners/NRI.
3. For Conversion of Proprietorship into private limited company do I have to be present in person?
The entire procedure is 100% online and you don’t have to be present at our office or any other office for closure of proprietorship & incorporation of private limited. A scanned copy of documents has to be sent via mail.
4. Are there any other payments to be made for incorporation certificate of private limited in addition to the fee paid at the time of conversion?
There is absolutely no other payment. We will send you an invoice that is all-inclusive, with no hidden charges
5. What is the time taken by LegalRaasta.com in conversion of Proprietorship into Private Limited Company?
LegalRaasta.com can convert proprietorship into private limited company typically in 14-20 days. The time taken also depends on relevant documents provided by the applicant and speed of approvals from government. To ensure speedy registration, please pick a unique name for the proposed Company and make sure you have all the required documents ready, prior to starting the registration process.
6. Can NRIs/Foreign Nationals become a Director in Private Limited Company?
Yes, an NRI or Foreign National can become a Director in a Private Limited Company on acquiring DIN. However, at least one Director on the Board of Directors must be a Resident of India.

WHY CHOOSE LEGALRAASTA?


30+ Offices in India

10+ Years Experience

Economical and Fast

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