Conversion of Proprietorship to Private Limited Company
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Proprietor to Private Company Conversion Procedure
Complete the Conversion of Sole Proprietor Application Form
Provide us Pertinent Documents
Make an Online Payment
Our executive will manage the Application process for Conversion of Sole Proprietor
We will mail you a Certificate of Incorporation
Conversion of Sole Proprietor to Private Limited Company
A proprietorship, also referred to as a sole proprietorship, is a business that is run by only one person. As a single proprietorship is run by one person, there are no issues with management of such a business.
You can convert your proprietorship to a private limited company if your firm grows and your liabilities do as well. An individual must have or engage into a formal agreement for the conversion process in order to proceed, which is a difficult and drawn-out process, so you can seek the assistance of a legal advisor from Majestic Group.
Minimum Requirements for Conversion
- ✔ DPIN & DSC for all Partners.
- ✔ For Conversion, there must be at least two shareholders and two directors.
- ✔ Two directors are required, of whom at least one must be an Indian resident.
Conditions for Conversion of Proprietor to Private Limited Company
- ✔ The business receives ownership of all of the proprietorship’s assets and liabilities.
- ✔ The individual sole proprietor’s ownership stake should be at least 50%.
- ✔ The ownership of the shares must be valid for five years.
- ✔ The sole proprietor cannot get any benefits relating to the allocation of shares.
- ✔ The proprietorship firm and the corporation must execute a sale agreement or takeover agreement.
- ✔ According to the MOA, one of the company’s goals must be to acquire the sole proprietorship’s business.
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