Transfer of a capital asset or intangible asset on conversion of Sole Proprietorship concern into a Private Limited Company is not treated as Transfer if following conditions are satisfied and hence not capital gain arise.
The Proprietor receives consideration only by way of allotment of shares in company. The Proprietor shareholding 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.
Yes, you need a minimum of two Directors for a private limited company. If you are sole owner, you can register as a One Person Company.
The entire procedure is 100% online and you don’t have to be present at our office or any other office for closure of proprietorship & incorporation of private limited. A scanned copy of documents has to be sent via mail.
There is absolutely no other payment. We will send you an invoice that is all-inclusive, with no hidden charges
Legalraasta.com can convert proprietorship into private limited company in 14-20 days. The time taken also depends on relevant documents provided by the applicant and speed of approvals from government. To ensure speedy registration, please pick a unique name for the proposed Company and make sure you have all the required documents prior to starting the registration process.
Any individual/organization can become the member of the private limited company including foreigners/NRI.
The documents requirements are as follows: For Directors/Members: Pan Card ID proof- Any one (Voter ID/Aadhar Card/Driving License/Passport) Address Proof- Any one (Electricity Bill/Telephone Bill/Mobile Bill/Bank Statement) In addition, the landlord of the registered office premises must provide a No Objection Certificate for having the registered office in his/her premises and must submit his/her identity proof and address proof.
Yes, an NRI or Foreign National can become a Director in a Private Limited Company on acquiring DIN. However, at least one Director on the Board of Directors must be a Resident India.
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