Sole proprietor concern taken over by private limited concern, Corporate Laws / SEBI / LLP

[THYAGARAJAN KALYANASUNDARAM]

Dear sir,

one of my customer is running sole proprietor concern, due to availment of loan we created private limited concern and it is running parallely. Now the banker insisting private limited to take over the proprietorship concern. The proprietor concern having movable and immovable property.

What the procedures to be followed to avoid stamp duty on transfer of immovable property.

can anyone guide me. Thanks in advance.

Posts / Replies

[MARIAPPAN GOVINDARAJAN]

In my view there is no legal compliance to the proprietorship. The proprietor may transfer the entire business to the partnership on consideration.

[THYAGARAJAN KALYANASUNDARAM]

Dear sir,

The transferee is not partnership concern it is a private limited concern.

[MARIAPPAN GOVINDARAJAN]

In my view it can be done for company also.