Online Conversion of Sole Proprietorship to Private Limited Company

Grow Your Business by Converting the Proprietorship to A Private Limited Company with Our Expert Guidance

Most entrepreneurs start a business with a vision of making it big. However, they begin the business as a sole proprietorship due to simple compliance requirements. It means when the business establishes itself and experiences a boom, you may consider transforming it into a private limited company with less liability. A business with more revenue can restrict the liability and bank attachment with the move of converting it into a private limited company.

This move can also impact tax filing. You can take steps to convert proprietorship to private limited company in compliance with the Companies Act of 2013. It makes your business a separate legal entity. It reduces the liability risk and the personal assets can remain safe from fraud.

When you choose to convert proprietorship to Pvt Ltd, your company shares remain private. Also, you must file taxes under the 1961 income tax act. It differs from the sole proprietorship where the income generated by your business comes under individual income during tax filing. We offer you guidance to complete the complex conversion and safeguard your business. Legal Dev can assist you in each step needed to make your business a private limited company.

Convert Proprietorship to Private Limited Company

Document Needed to Convert Proprietorship to Private Limited Company

You can convert sole proprietorship to private limited company registration with proper documents. We can help you apply with the following with our expert assistance:

  • A copy of ID and address proof of the company directors (A copy of PAN card, voter ID, driver’s license for residents or a copy of passport for foreign professionals)

  • A copy of the POA/ Letter of Authority (Voter ID or Driver license, or Passport)

  • A copy of registered office address proof (It can include a scanned copy of the rentagreement, utility bills, or sale deed) (Bank statement or electricity bill or telephone bill)

  • A scanned copy of a passport-sized photograph with a signature specimen of the directors

Why Choose Legal Dev to Convert Sole Proprietorship to Private Limited?

We at Legal Dev helpconvert proprietorship to private limited company service by leveraging the latest tech capabilities. We have an expert team of professionals with experience and skills to meet the realistic expectations of the clients. Our professionals handle all the paperwork and ensure our clients can enjoy a seamless interactive process with the Indian government. We offer clarity on the steps to convert proprietorship to private limited company in India. You can connect with our professional to complete the process without delay. We partner with you to offer support and guidance throughout the business cycle to ensure business compliance and growth.

Let's Clear All the Doubts !

FAQ
  • Can a person register a private limited company?

    Any individual of Indian origin, NRI (Non-resident India), OCI (overseas citizen of India), or PIO (Person of Indian origin) staying in other countries can apply for the conversion of sole proprietorship to private limited company. Residents of other countries can also start a company in India with mandator documents. The law insists on having a minimum of two directors to up to two hundred directors.

  • Is it possible to transfer sole proprietorship ownership?

    It is not possible to transfer the ownership of sole proprietorship.

  • When you convert sole proprietorship to private limited company, can you transfer the assets?

    During the Conversion Proprietorship Firm to Private Ltd Company, you can transfer the assets and liabilities to the new private limited company.

  • What are the steps needed to transfer funds from the proprietorship firm to private limited company?

    When you convert your proprietorship firm to private limited company, you must start a new bank account. You must close the bank account used for the sole proprietorship. Hence, all bank and cheque transfers must happen through the bank account under the name of your private limited company.

  • Why choose us?

    Legal Dev can simplify the process of converting proprietorship to private limited company. We are the best compliance service platform offering assistance to people trying to start and grow their businesses. We offer our guidance to simplify the process at affordable rates. Our wide range of services can make it easier for business people to start and grow their businesses. We offer assistance to entrepreneurs to comply with the regulatory and legal requirements of the country.

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