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Dear Sir/Madam,
Kindly go through the following cases and advice me ASAP.
Case1: Mr. Rajeev is own & running a sole proprietorship firm CAP TECHNOLOGIES since the year 2006. It is having a Panchayath License only. The proprietor is having a PAN
Case2: Mr. Kumar wish to purchase CAP TECHNOLOGIES @ Rs. 5000 on 26/06/2014; to use it's existence, goodwill & experience from the year 2006. He have some work order in his mind - which requires past 5 years balance sheet of CAP TECHNOLOGIES.
Case3: Mr. Kumar wish to transform this CAP TECHNOLOGIES into a Private Limited Company under ROC India w.e.f. July 2014; with his friend Rakesh. Share capital ratio among Kumar & Rakesh is 99:1 = 100%.
Kindly advice me on:
1)Take over of an existing sole proprietorship. If Kumar make the purchase, did the entity loss its existence & previous financial history. Whether Kumar needs to register it as a new one. Kumar prefers on the continuity of the proprietorship.
2) Tranformation of it into a company. In this case also, Kumar prefer the continuity of the Brand name.
Thanks and regards
Arun
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Hi,
I have a private limited co with three other directors. Now I want to quit from this business, I want to know how can i transfer the shares - option1 - Buy back by the co and share reduction, option2 - Selling my shares to other director. I want to know the price at which i can sell and the taxability in both the option in the hands of buyer and the seller.
Thanks
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Dear Learned Members,
Mr. A is a relative of a Director of a Private Company, PQR Pvt Ltd. Mr. A has given a loan of Rs. 1 Crore to the Company at different dates but all before 1st April, 2014. As per the Companies Act, 2013 all loans given by a Shareholder or a relative of a director to a Private Limited Company before 1st April, 2014 would now be treated as deposits and has to be repaid back within 1 year from the date of the commencement of the act (i.e., 1st April, 2014) or the due date of the loan whichever is earlier.
Mr. A is now appointed as a director of PQR Pvt Ltd (post 01.04.2014) and as a director gives a loan to the Company of Rs. 2 Crore by which the Company repay his amount of Rs. 1 croreback to him for the loans taken previously from him (now being treated as deposits).
Request you to guide me whether such arrangement is possible.
Thanks & Regards,
K C Palai
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Hello,
I have a pvt ltd company... We deal as sub brokers, I have around 12 to 13 lac as pending dues from client(as debtors in b/s) that is not going to be recovered...
Can I adjust this debtors against unsecured loans(loan taken from family members?
We suggest
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Take over a sole proprietorship & converting into a aompany