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when a proprietorship company is converted into private ltd company , how assets and liabilities are transferred to a private company

Section 3- Formation of company.

Posted By: Jagdish singh rathore 9 year(s) ago

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    Subhash Bhaskar

First of all a new private limited company is to be incorporated and then a business sale agreement shall be made between the private company and proprietorship firm for transfer of all assets and liabilities. The value of each asset and liability may me decided between the firm and company. However it shall be advisable to go through sec 143(1) of the Income Tax Act,1961 to decide for the value of assets and liabilities.

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    VenkadasalamV

Since the proprietorship is converted as Pvt Ltd Company the assets and liabilities have automatically transferred to the private company. We have to see the memorandum of association and the books of the company.. We have to see as to whether any immovable was available to proprietorship.

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    VenkadasalamV

Since the proprietorship is converted as Pvt Ltd Company the assets and liabilities have automatically transferred to the private company. We have to see the memorandum of association and the books of the company.. We have to see as to whether any immovable was available to proprietorship.

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Expert    Ankit Singhi

company has to purchase the assets and liabilities

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