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Pvt. Ltd. and Sole proprietor

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Querist : Anonymous (Querist)

17 November 2010 Can a Private limited company be sold off to a sole propritorship. if yes how?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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17 November 2010 The minimum number of shareholders required for a Pvt Ltd Co is two. If it is sold to a sole proprietor then this requirement will not be fulfilled. Hence it can not be sold to a sole proprietorship as such.

However if a person desiroues of taking control assets and liabilities of the Pvt Ltd Co. he can do so for an agreed consideration.

The status of Pvt Ltd Co as such will still remain intact.

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