Transfer of business from a proprietary concern to a company

akhil (Querist) 03 May 2018 This query is : Resolved
Dear all,

The facts:
I am running a proprietary concern by name XYZ. I intend to start a Company and transfer my entire business to the said Company.

Do I need to execute any agreement for the transfer of business from the proprietary concern to the newly incorporated Company.
There is no object in the MOA to takeover the business of the proprietary concern.

Thanks.

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Guest (Expert) 04 May 2018
Better consult some experienced company secretary to solve your problem. Otherwise, it is a commercial query for which you would need to follow a long prescribed procedure.

T. Kalaiselvan, Advocate (Expert) 06 May 2018
To convert a Sole Proprietorship into a Private Limited Company, an agreement has to be executed between the Proprietorship and the Private Limited Company (once it is incorporated) for the sale of the business. Further, such Private Limited Company so incorporated must have “the takeover of a Sole Proprietorship Concern” as one of the objectives in its Memorandum of Association.

M V Gupta (Expert) 06 May 2018
I agree with the views of Shri Kalaiselvan.

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