Negotiable Instruments: Exhaustive Coverage by Adv Roma Bhagat. Register Now!
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Umesh Khanna (CEO)     21 December 2013

Prop. firm to pvt ltd

 i have prop. firm,,due to my ill health i want to transfer my business with its assets and liabilities to my son , how to do it? the problem is that i as prop of the firm  had filed cases of recovery of my debts in delhi high court, now if  the owner of prop. ie me changes, does the legal identity of the business changes ,other suggestions i had was gift the firm to my wife or forma pvt ltd with  her a director,, will it create a problem legally in courts ,,,please guide


 2 Replies

Sunil S Nair (lawyer)     23 May 2014

Power of attorney is solution to your problem with stating all facts and move it with an application towards the respected court with medical certificate if any so that your court matters may not interupt take legal advise of your advocate managing your case

Sunil S Nair (lawyer)     23 May 2014

Assumed as sole proprietorship company, the following procedure may be followed : An application in Form No. 1A needs to be filed with the Registrar of Companies (ROC) of the state in which the Registered Office of the proposed Company is to be situated. The application is required to be signed by one of the promoters. The details to be state in the said application are as follows:1. Four alternative names for the proposed company. (The name can be coined names from the objects of the proposed company or the names of the directors, etc. but should definitely be indicative of the main object of the company. Justification for the name needs to be specified along with the application)2. Names and addresses of the promoters (Minimum 7 for a public company while 2 for private company).3. Authorized Capital of the proposed company.4. Main objects of the proposed company.5. Names of other group companies. On submitting the application, the ROC scrutinizes the same and sends the approval / objections in about 10 days to the applicant. On fulfilling of the objections a formal letter of name approval is issued. By following the said procedure, your other queries will get solved.

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