Partneship firm into private limited company

By converting a Partnership firm to a private limited company, which becomes a separate legal entity, reduces the risk of liability, and the personal assets will remain untouched except in case of fraud. The incorporation and compliance procedure of a private limited company is as per the Companies act, 2013, and the shares are held privately.

Following documents are required for Conversion of a Partnership firm into a Private Limited Company-

• Particulars of the members reflecting the names, addresses, and occupations of all along with details of shares held by them.

• Particular individuals proposed as the first directors of the company.

• An affidavit from the individuals proposed as the 1st directors, that he is not disqualified to be a director under section 164(1). Additionally, all the documents filed with the ROC for the incorporation of the company contain information that is accurate and true to the best of the applicant’s knowledge and belief.

• Particulars of the partners of the firm i.e. the Identity and Address Proof of the partners.

• Copy of Partnership Deed. Also, in case the Partnership deed was revised at any time in the past, copies of the principal and all altered deeds. Additionally, if the firm is registered, the certificate of the registration issued by the Registrar of Firms is also required.

• A statement of assets and liabilities of the Partnership Firm duly certified by a Practicing Chartered Accountant which is made as on a date not earlier than 30 days of the filing of form no.URC-1

• All the Income tax-related documents of the Partnership Firm.

• A copy of Newspaper Advertisement.

• No Objection Certificate from all the secured creditors of the applicant firm.

•       A Consent from the majority of Partners.