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The core reasons for converting a proprietorship to a Private Limited Company include securing limited liability protection, boosting reputation and credibility, simplifying the process of raising capital, enabling easier transfer of ownership, and benefiting from a perpetual legal existence and more advantageous tax treatments
There is no specific minimum operating period for a proprietorship to be eligible for conversion to a Private Limited Company. A new Private Limited Company can be incorporated at any time, and then the proprietorship’s business can be transferred to it
The proprietorship must have a clean legal record and must not be involved in any legal proceedings or disputes.
The proprietorship must have a well-defined business structure, including a clear business plan and financial statements.
The proprietorship must be in compliance with all relevant statutory requirements, such as registering with the Registrar of Companies and obtaining a PAN and TAN.
The business must have at least two shareholders who are willing to become the directors of the new company.
The business must have sufficient capital to support the conversion process and the ongoing operations of the Private Limited Company.
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