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So first objective in this task to create a private limited company with the fresh new director along with old proprietor. In the private limited company you need always minimum 2 directors, so even if you are single founder you can include your family member on the paper for the compliance purpose.
Pre conditions of Convert Sole Proprietorship Firm into Private Limited Company :-
All the assets or liabilities of the old sole proprietorship firm will become the assets of the new private limited company immediately basis.
The shareholding of the old proprietor must be at least 50% in the new private limited company or you can say min 50% voting rights power. Even after the incorporation of new company old proprietor have to hold the shareholding at least for the 5 years.
The old sole proprietor not received any benefits or consideration from the new company directly or indirectly other than share allotment because it’s not treated as sale of the old proprietorship firm.
Here is the steps to incorporate a fresh company to convert the sole proprietorship firm :-
Apply for the DSC ( Digital Signature) of the old proprietor and new director.
Apply for the DIN ( Director identification Number) for both people.
Apply for the name approval of the company ( here you can change the company name because in the private limited company once the company name has been registered then no one other person can register the same name).
Prepare MOA & AOA of the company where new private limited company rules are mentioned with the objective of transfer the proprietorship firm into the company.
Ministry of Corporate affairs issued the Certificate of incorporation.
Apply for the fresh PAN & TAN Number of the company
Change old current bank account on new private limited company name.
Documents Required for the Conversion.
Basic ID & Address proof of both directors.
Registered office address like any utility bill copy or any rent agreement or sale deed etc.
Time required to convert the firm into the company :- if we talk about the incorporate a new company then its take avg minimum 15 to 20 days which may be very due to conversion procedure like change bank account etc.
