Conversion of Proprietorship To Private Limited Company
An Ideal business structure for all “Small and Medium sized Enterprises” which are going for Partnershipcontact Us
Conversion of Sole Proprietor to Private Limited CompanyIf you are exploring the possibility of converting your business to a private limited company, it is important that you understand the time and expense involved with this process. Converting to a PLC will involve consulting with a professional accountant and financial advisor who have experience in the area. It can be complicated, but there are a few things you can do on your own. The first step is to draft a list of all assets and liabilities (including personal property) that should be included as part of the company’s balance sheet before conversion. The second step would be to draft an employment agreement which will detail any employee compensation plans going forward. This agreement should also outline any changes in duties or responsibilities for employees who were formerly sole proprietorships. The last step would be drafting an articles of association. This document should outline any rules and guidelines for the company’s board of directors, committees and shareholders. While many sole Proprietorship To Private Limited Company will involve little to no financial work, many others do require some type of financial arrangement that would be appropriate for a private limited company. The most common types of financial planning involved in PLC conversions are the following: • A complete worksheet should be completed to determine the amount each director is owed on stock vesting upon formation.
What is Included In Our Package?
- DPIN for 3 Directors
- Digital Signature For 3 Directors
- ROC registration Fees
- Name search & approval
- Company Pan Card
Procedure for Conversion | Proprietorship To Private Limited Company
Complete our Simple Form
You are required to fill the details in our simple questionnaire and submit documents.
Obtain DSC and DIN. from us
After submitting your documents we will provide you with DSC and DPIN.
For further procedures, details provided by you will be verified by our experts.
We will create your documents and application and file them with ROC.
Your work is completed
Once your company is incorporated, we shall send you all the documents and DSCs.
Documents Required For Public Limited Registration
- Copy of PAN Card of Directors
- Passport size photograph of directors
- Copy of Aadhaar Card/ Voter identity card
- Copy of Rent agreement (If rented property)
- Electricity/ Water bill (Business Place)
- Copy of Property papers (If owned property)
- Landlord NOC (Format will be provided)
Minimum Requirements for Conversion
- DSC for 1 Director
- Minimum 7 Shareholders
- DIN for all directors
- Minimum Authorized Share Capital of Rs 5lacs
- Minimum Paid up Share Capital of Rs.5lacs
- Director and shareholder can be the same person
- Minimum 3 Directors
Frequently Asked Questions
Is it necessary to have 2 directors in a Private Limited Company Registration?
Yes, you need a minimum of two Directors for a private limited company. If you are the sole owner, you can register as a
Who can be a member of a Proprietorship To Private Limited Company?
Any individual/organization can become the member of the private limited company including foreigners/NRI.
For Conversion of Proprietorship To Private Limited Company do I have to be present in person?
The entire procedure is 100% online and you don’t have to be present at our office or any other office for closure of proprietorship & incorporation of private limited. A scanned copy of documents has to be sent via mail.
Are there any other payments to be made for incorporation certificate of private limited in addition to the fee paid at the time of conversion?
There is absolutely no other payment. We will send you an invoice that is all-inclusive, with no hidden charges.
What is the time taken by Leciel.COnsulting in conversion of Proprietorship into Private Limited Company?
Leciel.Consulting can convert proprietorship into private limited company typically in 14-20 days. The time taken also depends on relevant documents provided by the applicant and speed of approvals from government. To ensure speedy registration, please pick a unique name for the proposed Company and make sure you have all the required documents ready, prior to starting the registration process..
Can NRIs/Foreign Nationals become a Director in Private Limited Company?
Yes, an NRI or Foreign National can become a Director in a Private Limited Company on acquiring DIN. However, at least one Director on the Board of Directors must be a Resident of India.