Existence of Private Company

217 views
User Avatar

14 Points Posted on 22 September 2020
Four persons are the only members of a private company. All of them go for trip in a car. and due to an accident all the four die. Then does the private company exist..????
0 Reply Share Follow
On 22 September 2020 at 20:57 Report
Replies (3)
Quick Summary
This discussion explores the legal standing of a private company when all its four members perish in an accident. The consensus is that the company, as an artificial legal person, continues to exist. Ownership of shares would then pass to the legal heirs through a process called transmission of shares, ensuring the company's continuity.

User Avatar

113 Points Posted on 22 September 2020
Yes... As company is an artificial individual person.. in this case legal heirs of the members will be the new members of the company, by way of transmission of shares.
Reply
On 22 September 2020 at 23:19
User Avatar

14 Points Posted on 24 September 2020
Thank You
Reply
On 24 September 2020 at 15:43
User Avatar

delhi
720 Points Posted on 24 September 2020
Yes transmission of share should be done
Reply
On 24 September 2020 at 23:47

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. AIS Password: How to Open Your AIS PDF?
  2. Interview Questions
  3. ITR Filing Last Date 2026
  4. Tds - filing Conso File for tax year 2026-27
  5. ITR-3 Filing For AY 2026-27 - Tips
  6. Capital Gain on sale of Depreciated Factory Gala
  7. Interesting Observation from a Recent Income Tax S
  8. ITR 3 Utility Not Taking Marginal Relief on Net To
  9. MV Electrosystems IPO Allotment Date, Status Check
  10. TDS payment code query

More recent discussions | Post

Related Topics :

Loading
Follow