Hi I am an proprietor and building business with outside loan like gold loan, personal loan. Now business is taking shape and to grow business smoothly I need to convert this into Pvt. Ltd co. As we are planning to start franchisee model.
My question is? I do not have yet repay my loan account which is completely on my name. If I convert my firm into pvt ltd company how do i take care of the repayment of the loan from pvt ltd. I have use this fund only to build company and test the product in the market.
CAclubindia
