Prop. Firm
This query is : Resolved
01 December 2009
Dear Experts,
Can a Private Limited Company become the sole owner or the proprietor of a business which is been already carried on as an partnership firm.
Regards,
Can a Private Limited Company become the sole owner or the proprietor of a business which is been already carried on as an partnership firm.
Regards,
01 December 2009
No, Pvt Ltd company cant be the sole proprietor because only an individual can be sole proprietor of a business. Sole Proprietory is a business owned by a single individual. For tax and legal liability purpose, the owner and the business are one and the same. The proprietorship is not taxed as separate entity. Whereas the Pvt Ltd company is treated and taxed as a separate entity and if it becomes the sole proprietor, then the very concept of owner and business being one and same will be failed.
rgds
CA Amitabh Gupta
Indore
ag_ind@rediffmail.com
rgds
CA Amitabh Gupta
Indore
ag_ind@rediffmail.com
09 August 2023
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Unanswered Queries
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
