Takeover of Company Assets

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Chartered Accountant
62 Points Posted on 09 August 2021
There is a proprietorship of a person, and he and his wife are director in a private limited company. Now he wants to wind up the company and transfer the assets of the private limited company to the proprietor business he holds. kindly advise what will be the procedure for the same and tax implications.
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On 09 August 2021 at 15:02 Report
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Quick Summary
This discussion explores the process and tax implications of transferring assets from a private limited company to a sole proprietorship. While a direct conversion isn't possible, the company can sell its assets to the proprietor's business. Guidance is provided on the correct procedure and potential tax consequences.

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Practicing Compnay Secretary
53960 Points Posted on 10 August 2021

1. It is not allowed to convert Company into Prop firm.

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On 10 August 2021 at 18:04
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Practicing Compnay Secretary
53960 Points Posted on 10 August 2021

2. Company can sell the assets to Prop Firm.

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On 10 August 2021 at 18:04

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