Takeover of firm by company

380 views 2 replies

HI 

I want to know while partnership firm is takeover whether firms identity is lost and it will be called as company 

or firm will still be there and just its accounts will be consolidated with company

 

2) firm has some losses which needs to carried forward whether it is advisable to takover ?

3) does anyone have checklist for what all procedure need to be followed?

 

thanks 

Replies (2)
yes firms identify is no more ad it gets merged with the company. Al. the assets/liabilities of the firm get transferred to the co at agreed values.
if any losses are there these will get transferred to the the co and the co will get tax benefit for c/f if losses transferred. similarly if any GST ITC is remaining the same will get transferred to the co

CAN YOU TELL WHAT IS THE PROCEDURE FOR STATING TAKEOVER 

I MEAN WHICH FORM TO FILE 

AND FIRM NEEDS TO BE DISSOLVED OR IT IS AUTOMATICALLY DISSOLVED

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