A bit complicated: pvt ltd company + partnership

The partnership has NOT been dissolved yet (A+B). Lets assume this companys name is Sapna Internet

Losses have been in (A+B) to the tune of 10lacs

C also has losses from his previous company which he previously ran in 2008 to the tune of 20lacs. Lets assume the companys name is Laxmi pvt ltd.

Now i have two objectives

1. Carry foward the loss of 5lacs (half of the loss from partnership in Sapna Internet)
2. Shut down Sapna Internet and carry forward same business in Laxmi Pvt Ltd with a new partner ie C ie reviving old company of C to undertake business

hence my queries are as below

• How do you suggest i carry forward the losses from my partnership firm. Do you think sale of software from partnership firm to pvt ltd firm is ideal. (assuming i show sale of 10lakhs from partnership to pvt ltd company. Hence in this case the books are squared off in the partnership firm)
• The Pvt Ltd company has made losses in 2008 and then shut down. Assuming i go this route, will this affect losses the carried forward ie 4 years that have already passed from 2008-2012. So does that mean as a pvt ltd company which i join, ill have only 4 years left to carry forward losses ( i know losses can be carried forward for 8 years)
• Do you suggest i set up a new pvt ltd company. If so, then how do i square off the books in the partnership firm?
• Any other ideal way you gurus can come up with.

Originally posted by : CS Ashutosh Kumar

The partnership has NOT been dissolved yet (A+B). Lets assume this companys name is Sapna Internet

Losses have been in (A+B) to the tune of 10lacs

C also has losses from his previous company which he previously ran in 2008 to the tune of 20lacs. Lets assume the companys name is Laxmi pvt ltd.

Now i have two objectives

1. Carry foward the loss of 5lacs (half of the loss from partnership in Sapna Internet)
2. Shut down Sapna Internet and carry forward same business in Laxmi Pvt Ltd with a new partner ie C ie reviving old pvt lyd company of C to undertake business

hence my queries are as below

• How do you suggest i carry forward the losses from my partnership firm. Do you think sale of software from partnership firm to pvt ltd firm is ideal. (assuming i show sale of 10lakhs from partnership to pvt ltd company. Hence in this case the books are squared off in the partnership firm)
• The Pvt Ltd company has made losses in 2008 and then shut down. Assuming i go this route, will this affect losses the carried forward ie 4 years that have already passed from 2008-2012. So does that mean as a pvt ltd company which i join, ill have only 4 years left to carry forward losses ( i know losses can be carried forward for 8 years)
• Do you suggest i set up a new pvt ltd company. If so, then how do i square off the books in the partnership firm?
• Any other ideal way you gurus can come up with.