Conversion of firm into pvt ltd company.. query

Pvt ltd 2940 views 3 replies

CA Ruban kumar

Associate

566 Points Joined February 2011

Dear CCI Members,

My client is a partnership firm, they want to get converted into Private Limited company under Part IX of Companies act, 1956.

I have some queries :

1) I got to know that there should be minimun 7 partners in the firm to get itself converted... currently the firm has only 3 partners. How should I change to 7... Should i amend the partnership deed?

2) Next requirement what I heard is 3/4th of the member should give assent to conversion... Is it a type of Resolution ? to be passed in a meeting ..... Kindly let me know is there any format for such resolution?

3) My client's requirement to convert as a pvt ltd company from 1.4.2012. Thereby the partners capital in the firm will be known only on 31st March 2012 which is yet to come (Finalization of accounts to be done).. So how should I go about it, since I read that the Company should issue shares in the same proprotion which is existing in the balance sheet of the firm at the date of conversion.

4) After conversion, how should I change the name in PAN, TAN, ESI, PF, ST, ED, VAT and CST.

Kindly let me know the procedure ...,

Thanks in advance

Replies (3)

Guest

Pls note:

1. Add 4 more partners and amend partnership deed.

2. RESOLVED THAT the members/partners of the BRG Infrastructure have hereby assented to the Registration of the Partnership Firm as a Private Limited Company with Limited Liability under the Companies Act, 1956.

RESOLVED FURTHER THAT Shri RKG and Shri BKG being the partners of BRG Infrastructure do solemnly and sincerely declare that the particulars set forth in the several documents accompanying this declaration are true to our knowledge in regard to particulars in Annexures I to V and in regards to the particulars in other annexures, they are true to the best of our information and belief.

3. You can finalise balance sheet on 31st march and file in the month of april papers for conversion.

4. You will have to change name with all the govt authorities incl pan, tan etc