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Yes, Private Limited Company can be converted to several forms but there are certain regulations and conditions which needs to be met before the company conversion can be carried out.
Private Limited Company to Public Limited Company: According to the Companies Act, 2013 there are certain legal provisions related to the conversion which is stated in Section 18 and 14(Rule 33 of Companies Incorporation)
Private Limited Company can be converted to a One Person Company
It can also be converted to Limited Liability Partnership
A Private Limited Company can also be converted to Partnership Firm but only once the complete company is winded up by appointing a liquidator. There is a need to publish the winding up resolution and make the resolution registered with the Registrar.
1. Private Limited Company to OPC
A Private Limited Company can be converted into One Person Company, as per the Companies act, 2013.
A Private Company, which has a paid up share capital of Rs. 50 Lakhs or less or average annual turnover of two crore rupees or less in a relevant period may convert itself into one person company. This excludes companies registered under section 8 of the Act.
A Special Resolution in the General Meeting needs to be passed for approval of such conversion, before passing such resolution, the company shall obtain an NOC in from existing members and creditors in writing.
It is important to note that NOC in writing from existing members and creditors shall be collected before passing Special Resolution.
2. Private Limited Company to LLP:
As all of us are aware that Companies Act-2013 came into force on 1st April 2014. Under Companies Act, 2013 heavy compliances and many complications are included, which are burdening for small enterprises.
Hence, Small enterprises are looking forward to switching their Enterprise to Limited Liability Partnership (LLP's) Firm.
A registered limited company in India (Private or Public) consist of complex formalities and also incurs additional overheads for managing affairs even for the mandatory board meeting, maintenance of statutory records, filling of e-forms with MCA etc.
But, in case of LLP there are no such complications, which is an advantage followed by others such as non-applicability of dividend distribution tax on profit repatriation, deemed dividend profit issues, MAT provisions and transfer of profit rules.
