If a priovate company takes over business of a properietorsip concern then whether proprietors experience and financial data for last 3 years shall be deemed to be that of a Company while submitting tenders for Government Works. Company is a new one and may not have experience and 3 years bs and P&L account. If it takes over a proprietor business then can it get proprietors experience?
This is not practically possible, a company is incorporated lets take in 2010 and u show its experience from 3 years back.
The identity of properitoship firm is extinguish after it takeover by the Private company .Now the New identity is of Private co. and the private co. can take contracts on his own behalf
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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