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Conversion of sole proprietor to pvt ltd

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(Querist)
25 May 2020 Kindly help me to know about the procedure of convertion of sole proprietor ship to company. And also how to bring the land in the name of proprietor to company.. Consequences of not bringing the land.. Gst applicability..
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
25 May 2020 To convert a Sole Proprietorship into a Private Limited Company, an agreement has to be executed between the Proprietorship and the Private Limited Company (once it is incorporated) for the sale of the business. Further, such Private Limited Company so incorporated must have “the takeover of a Sole Proprietorship Concern” as one of the objectives in its Memorandum of Association.
Sale deed to be executed for sale of land to company.
No consequence in not bringing land.
GST not applicable in such conversion.
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