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.
sweta (CA) (36 Points)
21 December 2013While 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.
DHARMENDRA PRAJAPAT
(CA FINAL)
(105 Points)
Replied 21 December 2013
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.
sweta
(CA)
(36 Points)
Replied 21 December 2013
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.
Dileep Panchal
(ASSISTANT CS)
(189 Points)
Replied 26 December 2013
CAclubindia
