Conversion of Partnership Firm Into Private Limited Company | Conversion of Partnership Firm Into Company
Anyone can choose a Private limited company to build a scalable business. It’s the most famous legal structure for business. There is limited liability for all the directors, in case of bankruptcy, banks/creditors can sell only company assets but not the personal assets of directors. Due to its openness to all market scenarios, Private limited structure is very famous for small, medium and Large businesses in India. This structure Is very flexible to external funding and investment. Stock option to employees is also possible through private limited structure. A Private limited company has more credibility as compared to other incorporation structures
If you want to limit your responsibilities, planning to get external funds /investment and want to be more credible in the market, then Private Limited Company (Pvt. Ltd) might be the best option to go with.
Three Easy Steps Process To Convert Partnership Into A Private Limited Company
Step 1: Connect to Corpseed
Step 2: Provide necessary documents required for converting Partnership to Private Limited Company
Step 3: Our expert CS will help you to convert your Partnership to a Private limited company
Benefits & Requirements for Conversion of Partnership Firm Into Company
Benefits Of Private Limited Company
1. Shields personal assets from business liability, limits liabilities of Directors
6. 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, Trademarks, Building, Intangible Assets, Land, Residential property, Factory etc
Basic Conditions for Conversion of Partnership Firm into Private Limited Company
1. All the assets and the liability of the partnership becomes the assets and the liability of the newly formed private limited company
2. The partners receive consideration only by way of allotment of shares in the company and the partners share-holding in the company in aggregate is 50% or more of its total voting power and continue to be as such for 5 years from the date of conversion
Corpseed Procedure for Conversion of Partnership Firm Into Company
Step 1: Contact Corpseed team, provide the necessary documents to initiate the conversion process.
Step 2: We will assign a dedicated and skilled resource to process your request for conversion.
Step 3: Apply for Your DSC & DPIN
Step 4: Apply for Company Name Reservation
Step 5: Draft Articles of Association and Memorandum of Association
Step 6: Apply for Company PAN
Step 7: Apply for Corporate Identification Number (CIN)
Note: - Whole conversion process takes between 25-30 days and also depends upon documents provided by applicant and approval speed by thegovernment
Documents Required For Conversion of Partnership Firm Into Company
Voter's ID/Aadhar Card/Passport/Driver's License
Latest Bank Statement/Telephone or Mobile Bill/Electricity or Gas Bill
Specimen signature (blank document with signature [partners only])
What Are The Basic Requirements for Conversion
Registered Partnership firm with seven minimum Partners
Minimum 2 Directors for conversion to Private Limited Company
The directors and shareholders can be the same person
DIN (Director Identification Number) is mandatory for all the Directors
DSC (Digital Signature Certificate) is mandatory for two of the Directors
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