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Can a partnership firm be converted into a company?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Gautham asked over 3 years ago

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Open uri20170510 32134 tcchcu?1494421832 Jitendra Suthar answered over 3 years ago

Hiiii friend , A partnership can be converted into company if all partners agree to do so. A partnership can be converted into either private or public company depending upon partners discretion. You can do so by consulting a CS or CA who will make you all required procedures done. For getting converted you have to get through all norms of Companies Act 2013. Here you have to decide your objectives of business and make MOA and AOA. and after this you have to fill required forms with ROC and complete all required complainces of ROC. Regards,

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Open uri20170510 32134 117xyds?1494421825 dhanashri answered over 3 years ago

yes off course !!. the partnership firm can be converted into a company under the provision of company's act 1956 and income tax act 1961. there two options available to convert the partnership into the incorporate comapny under the comapny act 1956. and another one is the incorporate company which can legally take over the the business of the partnership firm and continue the same business under company act 1956 (IX). the prescribed laws and procedure for comapnies authorised for register under part IX under company act 1956 need to file the following document with registrar of comapny within the 60 days from the date of name approval 1. two sets of memorandum and article of association.one shall be duly stamped 2.Thereafter these documents are required to be executed by the promoters in their own hand after the date of Stamping of Memorandum & Article of Association in duplicate stating their full name, father’s name, residential address, occupation, number of shares subscribed for & Signature etc Once the new company is formed, the takeover agreement would be entered between the Partnership Firm and the newly incorporated company.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Gaurav Tekchandani answered over 3 years ago

Absolutely YES!! It has to satisfy various provisions of Companies Act 2013 and it can be converted into a Joint Stock Company or a Limited Liability Partnership.

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