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Convert proprietorship into private ltd company

You may be an owner of a big empire running a sole proprietorship business but being called a director of a company has its own charm.

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Why convert?

By converting sole proprietorship concern into private limited company, you will be able to give your business corporate outlook and also enjoy the benefits which a company has to offer such as separate legal identity, shared liability etc.

Procedure for Conversion

A new private limited company has to be incorporated which will take over the sole proprietorship concern

FAQs

What are the requirements to be a director?

Any person above 18 years can become a director. Non-residents can also become director of Indian companies.

How many directors can be appointed?

A private limited company must have a minimum of 2 directors while the maximum no. of directors can be upto 15.

What are the documents required for registration?

ID proof and residence proof of all the proposed directors, PAN card is mandatory for Indian nationals. No objection certificate from the owner of registered office or lease agreement must be produced.

What are the requirements with regard to the company’s name?

Company’s proposed name should be unique i.e., it should not be identical to any existing name. Names that infringe others’ rights, trademarks or patents are likely to be rejected by ROC.

What is a digital signature certificate (DSC)?

Digital signature is process to authenticate and validate records electronically. DSC is required for every director of the company as the Ministry of Corporate Affairs (MCA) mandates digital signature of directors on some documents.

What is Director Identification Number (DIN)?

DIN is a unique identification number which is allotted to all the directors existing or proposed. DIN can be obtained by filing e-form DIN1 in MCA portal.

What are the statutory compliances required for a private limited company?

Every private limited company must hold a board meeting atleast once in every three months and an Annual general meeting (AGM) every year.

Can a private limited company be later converted into public limited company?

Yes, Companies Act 2013 provides rules for converting a private limited company into a public limited company.

Call us for further details — 9884113300

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