What is procedure to Convert Proprietorship to a Private Limited Company
Converting your sole proprietorship into a Private limited company is often a wise decision. Changing your existing structure of Sole proprietorship to a private limited company might help you to expand your business reach, have better access to various sources of financing, protect your personal assets, manage your liabilities, enjoy tax incentives and benefits given by Govt., attract more investors and approach quality talent for your company.
In order to convert your Sole Proprietorship business structure into a Private Limited Company structure, an agreement has to be executed between the Proprietorship and the newly formed Private Limited company for the sale of the business. The Private Limited Company so incorporated must have “the takeover of a Sole Proprietorship Concern” as one of the objectives in its MoA. Benefits of a Private Limited incorporation are as follow.
Separate legal entity
Fewer Liabilities as compared to Sole Proprietorship
Unlimited reach to Capital
Less administrative burdens
More market credibility
Corpseed procedure for Conversion
Step 1: - Contact Corpseed team, provide necessary documents to begin the process of conversion.
Step 2: - We will assign an expert executive to process your request for conversion.
Step 3: - We will help you to obtain DCS and DIN.
Step 4: - We will verify your company name and get necessary name approvals.
Step 5: - We will draft all mandatory documents and submit your application to ROC.
Step 6: - Once your company is incorporated, we will send you all the documents and DSC’s.
Note: - Whole conversion process takes between 25-30 days and also depends upon documents provided by applicant and approval speed by the government
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Each company in India has to follow a set of compliances as set by different other regulatory bodies. The ‘Company Annual Compliance’ regimes need companies to gather their business information and update the regulatory bodies such as Ministry of Corporate Affair (MCA), Income Tax Department other regulatory bodies.
All the assets and the liability of the Sole Proprietorship becomes the assets and the liability of the newly formed company
The shareholding of the sole proprietor in the private limited company must be more than 50% of the total voting power in the company and his shareholding remain same for next 5 years from the date of the succession
Requirements for Conversion
Must have minimum 2 Shareholders for Private Limited Company Registration
Must have Minimum 2 Directors
DIN is mandatory for all Directors
Three Easy Steps for Conversion
Connect to Corpseed
Provide necessary documents required for converting Sole Proprietorship to Private Limited
Our expert CA will help you to concert your Sole Proprietorship to Private Limited
Benefits & Documents Required for Private Limited Company
Benefits of Private Limited Company
Shields personal assets from business liability, limits liabilities of Directors
The Private Limited Company (Pvt. Ltd) continues to exist even after the death of the Shareholder
Open doors to raise capital from a venture capitalist, angel investor, financial institutions
Creates brand value as Private limited structure is more transparent compared to other business structures
Ownership gets transferred by just transferring shares
Private Limited Company is a unique identity and can own/acquire and alienate, property in its name. Property owned could be anything like copyrights, patents, machinery, building, intangible assets, land, residential property, factory etc.
Copy of PAN Card of the Directors
Passport size photograph of Directors
Copy of Property papers (If owned property)
Landlord NOC (Format will be provided).
Copy of Aadhaar Card/ Voter identity card
Copy of Rent agreement (If rented property)
Electricity/ Water bill (Business Place)
How to get Convert Sole Proprietorship to a Private Limited?
Connect With Corpseed
Connect with the team corpseed to discuss specific requirements for your business at IVR: +91 7558 640 644 or email@example.com. It takes 20-25 minutes to discuss requirement.
Once you discuss the requirement, we will align a dedicated Account managers are here to help understand your business and provide best solutions and assist you with the entire process.
Real Time Update
Use our platform to track progress of application and many more. Always know what is going on with your application, what is in progress, and what is done.
Once job is completed, you will receive documents directly to your email ID and at your doorstep along with 30 days payback guarantee incase not satisfied with the services.
At Corpseed, we are committed to offer our services to the entrepreneurs and businesses as a very cost-effective proposition. We believe that a customer is always right and the focus of any business activity should be to serve the customer with utmost loyalty. All our services come with SLAs (Service Level Agreements) for on-time service delivery and money back guarantee to ensure high level of customer satisfaction.
At Corpseed, our valued customers are always kept in the loop as far as service delivery timeline is concerned and we inform our customers every time a milestone is achieved during each stage of service request processing. But we also believe that we may come across a customer who is not satisfied with our efforts. For that we have a very responsive Customer Care Department which work 24x7 to attend to and solve customer complaints. We also have a money back guarantee for those, who want their service charges to be refunded.
At Corpseed, We believe it is our responsibility to protect our customer information from unauthorized access. We have put systems and processes in place to make sure that the customer information is safe with us during its storage and transfer between in house and third party servers. We continuously test our systems and processes for security breach and vulnerabilities are identified and fixed at a regular basis.
If a customer is not satisfied with the service we provided and if he contacts our customer care helpline and files a formal complaint within 15 days of service delivery date, Corpseed would refund the entire or partial amount of Professional Fee charged for that particular service.
If a customer is having issues with our service delivery process, he has various alternatives available at his disposal to register his grievance with us. He can either email his complaint at firstname.lastname@example.org or he can call our 24x7 Customer Care Helpline. Also, any customer is always welcome to visit our office to lodge a complaint with the senior management.
A customer can buy our services directly from our online platform, for which he need to make online payment. Once he clicks on "Apply Now", a new window will open, a customer is required to submit the information in the respective fields and click "Make Payment". A unique ticket number will be auto generated, the customer need to quote this number as reference for any enquiry regarding his service request.
All the monetary transactions performed on Corpseed online platform are secured with SSL System Protocol. We encrypt the customer information such as credit card and bank account details, before these are transmitted anywhere. We adhere to PCI DSS for data security standards for payment processing.
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