SOLE PROPRIETORSHIP INTO PRIVATE LIMITED COMPANY

INR 19,999

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PRIVATE LIMITED COMPANY TO ONE PERSON COMPANY

INR 14,999
Per Class
  • Private Limited Company To One Person Company
  • Conversion filing
  • Conversion update

SOLE PROPRIETORSHIP ITNO PRIVATE LIMITED COMPANY

INR 14,999
Per Class
  • sole proprietorship into private limited company
  • conversion Filing
  • conversion Update

PUBLIC TO PRIVATE LIMITED

INR 29,999
Per Class
  • public to private limited
  • conversion Filing
  • conversion Update

What is sole Proprietorship?

The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts. A sole proprietorship can operate under the name of its owner or it can do business under a fictitious name, such as Nancy's Nail Salon. The fictitious name is simply a trade name--it does not create a legal entity separate from the sole proprietor owner.


What is Private Limited Company?

Section 2(68) of Companies Act, 2013 defines private companies. According to that, private companies are those companies whose articles of association restrict the transferability of shares and prevent the public at large from subscribing to them. This is the basic criterion that differentiates private companies from public companies.


Main Conditions for Conversion

An understanding must be gone into between the sole owner and the private constrained organization for change. The Memorandum of Association (MOA) of the Private Limited Company must incorporate an article that states – "The takeover of a sole ownership concern". Every one of the advantages and liabilities of the sole ownership firm should be moved to the private constrained organization. The sole owner ought to be a piece of the organization's directorial board with a democratic force which comprises to at any rate half of that of the organization. It might be noticed that a private restricted organization must have at least two chiefs. The fuse rules of a private restricted organization order the base offer capital necessity .


Procedure for Conversion of Sole Proprietorship into Private Limited Company

A sole proprietorship can be converted if the above-mentioned conditions are met. Talking about the conversion process, the following measures must be initiated by an entrepreneur to get the proprietorship firm converted into a private company: Firstly, Procure the Digital Signature Certificate (DSC) for the sole proprietor and new director Secondly, Director Identification Number (DIN) for the sole proprietor and new director. Further, procuring permission for naming the company, the application for which must be made in Form-1. Draft and prepare application to MCA for incorporation of new company. We need to Complete the slump sale formalities. The details of the bank account are required to be modified in accordance with the conversion provisions. Further, we need to submit the relevant documents and forms.


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Frequently Asked Questions

Memorandum of Association and Articles of Association of the Company. Rest of all the documents prepared by MyCompanywala Team and send to you for signing purposes only.

One person company cannot continue as a one person company:- when its paid up share capital exceeds fifty lakh rupees and its average annual turnover during the relevant period exceeds two crore rupees, and is required within a period of six months to convert itself into public or private limited company. However, One person company cannot continue as a one person company when its paid up share capital exceeds fifty lakh rupees and its average annual turnover during the relevant period exceeds two crore rupees, and is required within a period of six months to convert itself into public or private limited company

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