While converting partnership firm into Private limited Company ,under Sec 565 of Company Act 1956 there is requirement of at least 7 Members , is it possible to float company with 3 partners?.
Plaese reply urgently.
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Conversion of partnership firm into private limited
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Section 565 of the Companies Act, 1956 provides that any company formed in pursuance of any Act of Parliament or any other Indian Law other than the Companies Act, 1956; consisting of seven or more members may at any time register itself under this Act, either as an unlimited company or as a company limited by shares or limited by guarantee.
I think the minimum number of members is 2 to form a private limited company.
Thanks for replying but yet not satisfied.
While converting Partnership firm into Private limited company,there are certain condition where atleast 7 partner are required.
Still my question is, it is possible to convert Partnership firm into Private limited company with 3 partners.
No, there should be 8 partners in the firm then only a court can consider it as an unregistered Company.
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