We can advise you the best form of business entity, which will be most effective in the long run and will facilitate in taking care of all the necessary formalities pertaining to the same. A change like this can help you to expand your business, protect your assets, limit your liabilities, allow you to enjoy corporate tax incentives, attract investors and recruit high quality talent.
Benefits of Conversion of company
Goodwill: The goodwill of the Partnership firm is kept intact and continues to enjoy the same success story with the benefit of better legal recognition.
Transfer of assets and liabilities: All the assets and liabilities of the firm immediately before the conversion become the assets and liabilities of the company.
Capital Gain Tax: No Capital Gains tax shall be charged on transfer of property from firm to Company. (upon fulfillment of certain conditions)
Stamp Duty: No instrument of transfer is required to be executed (since all the property of the firm will vest in the company) and hence no stamp duty is required to be paid.
And much more…