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This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 September 2011
Dear Experts,
I am Trading in Steel & Iron.and This is Propreitorship Firm of Which I am Proprietor.
We have Around 500Cr. Turnover,and My CA Asked me to Convert it in Corporate.He Said That It Will More Benefit to You and You Have Option to Develop Your Business More.
Now I Wanna to Know What the Benefit Have
If I Convert it From Prop. Firm to Pvt Ltd. Co.
I am Trading in Steel & Iron.and This is Propreitorship Firm of Which I am Proprietor.
We have Around 500Cr. Turnover,and My CA Asked me to Convert it in Corporate.He Said That It Will More Benefit to You and You Have Option to Develop Your Business More.
Now I Wanna to Know What the Benefit Have
If I Convert it From Prop. Firm to Pvt Ltd. Co.
25 September 2011
I think it is better if your ask your CA only who has suggested that there are benefit to you. I can only say once your business is converted into a company you cannot take out any money or funds from the same except your salary.
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