2. After the facts, the name of the licensee may be changed and administrative licenses may be obtained on behalf of the new owner company. A bank account can then be opened in the name of a new application. 3. Buy-back contract/sale contract or transfer contract must be executed between the individual company and the private company to transfer all their assets and liabilities. The contract defines the details of all assets, whether material or intangible, that must be transferred to the company, it is up to the individual business owner to determine the class of assets he needs for the sale and the class of assets he must keep for his personal use. · Statement of assets and liabilities at the time of the creation of the accountant, if the property does long-standing business As a business develops, the requirements of the business and the inconveniences of a proprietary company could force a contractor to begin the process of converting the property into a limited company. A limited company offers considerable advantages over the business form of the business, including limited liability, the ability to attract equity, persistence and more. In this article, we discuss the requirement and procedure for converting holders into a limited company. To turn a property into a limited company, contact an indiafilings advisor at the [email protected] address. The debts of an individual company are in fact debts of the individual owner and are not transferable to a new owner. If the business has debts that are not fully settled prior to the transfer, discuss with the creditor whether the new owner can assume the debt before agreeing to the sale or transfer. It is a good practice to start with the small in a non-incorporate way, but it allows the company to grow and achieve maximum growth, since the many characteristics in a proprietary business are overlooked.
Characteristics such as share transfer, limited liability, simple financing process, etc., are an important issue that a growing company must take into account when exploring. The transformation of the owner`s business into a limited private enterprise can be achieved through the execution of an acquisition agreement. 5. The transfer of the individual business to the company attracts the tax on the return on capital into the hands of the owner of the individual business.