Public or pvt. ltd. company

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 December 2016 Dear Experts
We are running partnership firm want to convert into companies. Pls clarify weather a partnership firm can be convert directely into public companies or it will be convert first in pvt. Ltd?

Pls clarify the same

Thanks & Regards
Anmol Gupta

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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24 December 2016 Convert it as private ltd company first.

Querist : Anonymous

Querist : Anonymous (Querist)

24 December 2016 Ok that mean first it will be convert into pvt. Ltd and later it may be convert into public.
Sir pls clarify after conversion into pvt. Ltd how many year later it can be convert into public or there any criteria defined for the same in compaies act. 2013

Pls clarify

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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24 December 2016 If you have 7 partners in your firm it can be converted as public company at the first instance.

Querist : Anonymous

Querist : Anonymous (Querist)

24 December 2016 Sir there are only two partners in firms hence first it will be convert into pvt. Ltd. Company but i want after conversion into pvt. Ltd how many time later it can be convert into public company and what will be its eligibility criteria?

Pls clarify......

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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25 December 2016 It can be converted in to Public company immediately but take care of the provisions of section 47(xiii) of the income tax act the existing partners hold 50% of share in the company for 5 years to avoid capital gain tax.

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