LAWyersclubindia LCI
Login  Register
Upgrad
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Conversion of Partnership Firm to Company

(Querist) 10 December 2010 This query is : Resolved 
As we are know there are two methods of converting a Partnership firm into Pvt Limited company.

1) One is formation of Private Limited Company, which inturn acquires the partnership firm

2) Conversion of Partnership Firm as per provisions of Part IX, of the companies Act.

My question are

1) whether capital gain tax exempt in both the above cases or only in case 2

2) Whether minimum number of partners need to be 7 for converting partnership firm into private limited company under provisions of Part IX, of companies Act.

Report Abuse
DEFENSE ADVOCATE.-firmaction@g (Expert) 10 December 2010
If you form LLP , one time capital gains on conversion is exempt.
I will Win One Day (Querist) 10 December 2010
I am converting it to Private Limited Company
DEFENSE ADVOCATE.-firmaction@g (Expert) 12 December 2010
So dont worry you can win now so why hope of winning on any distant day.
Devajyoti Barman (Expert) 12 December 2010
yes

Previous
Next

You need to be the querist or approved LAWyersclub expert to take part in this query .


Click here to login now



Similar Resolved Queries :



Ask Query
Unanswered Queries

Laws Laws Follow us





Browse by Category

Stay updated with latest Posts!