{"id":3173,"date":"2019-12-16T15:16:28","date_gmt":"2019-12-16T09:46:28","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=3173"},"modified":"2019-12-16T15:16:28","modified_gmt":"2019-12-16T09:46:28","slug":"conversion-of-partnership-into-company","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/conversion-of-partnership-into-company\/","title":{"rendered":"Conversion of Partnership Firm Into a Company"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">On the 20th of September 2019, <\/span>Taxation (Amendment) Ordinance 2019<span style=\"font-weight: 400;\">\u00a0 has been introduced by the Government of India. There are many tax beneficiary amendments which have been introducing through this ordinance.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-3175\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/12\/Conversion-of-Partnership-Firm-into-a-company-1.png\" alt=\"Conversion of Partnership Firm into a company \" width=\"700\" height=\"400\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/12\/Conversion-of-Partnership-Firm-into-a-company-1.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/12\/Conversion-of-Partnership-Firm-into-a-company-1-300x171.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/12\/Conversion-of-Partnership-Firm-into-a-company-1-20x11.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Like the rate for corporate tax has been reduced for domestic companies to @ 22% <a href=\"https:\/\/aktassociates.com\/blog\/section-115baa-new-tax-rate-for-domestic-companies\/\">(Section 115BAA)<\/a> and the new tax rate was introduced for manufacturing companies of 15% Section 115BAB. Also, the MAT rate has been reduced from 18.5% to 15%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Due to these amendments, For availing the benefit of the <a href=\"https:\/\/aktassociates.com\/blog\/income-tax-slab-rate-for-ay-2020-21\/\">new tax rate<\/a>, many firms are converting into the company.<\/span><\/p>\n<h3><b>Exemption from Capital Gain:<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">As per section 47(xiii) of the Income-tax Act, 1961 read with The Gujarat High Court (HC) stated that conversion of a firm into a company will not be considered as a transfer and would not be subject to capital gains tax. <\/span><span style=\"font-weight: 400;\">(refer case law of Gujarat HC or delete reference of Gujarat high court)<\/span><\/p>\n<ul>\n<li><b>Following provisions of Governing Laws, Rules, Regulation in respect of Conversion of Partnership firm Into Company<\/b><\/li>\n<\/ul>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section 366 of <\/span><span style=\"font-weight: 400;\">Companies Act, 2013<\/span><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Companies (Authorized to Register) Rules, 2014<\/span><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Section 47(XIII) of Income Tax Act, 1961.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">State\u2019s Stamp Notification.<\/span><\/li>\n<\/ol>\n<p><a href=\"https:\/\/aktassociates.com\/start-a-business\/private-limited-company-registration\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-3178\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/12\/Register-your-Company.png\" alt=\"Company Registration\" width=\"500\" height=\"50\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/12\/Register-your-Company.png 500w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/12\/Register-your-Company-300x30.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/12\/Register-your-Company-20x2.png 20w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/a><\/p>\n<ul>\n<li><b>What are the Prerequisite Formalities required for Conversion of Partnership firm Into Company<\/b><\/li>\n<\/ul>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Firm Registration Certificate.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Amended Partnership deed by Adding the clause of conversion.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">No Objection Certificate or written consent from all the secured creditors.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Written consent from the majority of Partners.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">21 clear days of advertisement in Form No. URC. 2 which shall be published in an official gazette in English and in any local language.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Filling of Form URC-2 with ROF.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Audited financial statements of Accounts prepared for a period not later than 15 days preceding the date of seeking registration.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The latest copy of <a href=\"https:\/\/aktassociates.com\/blog\/income-tax-return-filing\/\">income tax return.<\/a><\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">There should be no revaluation has been done of the assets of the Partnership firm in the preceding 3 financial years.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">an affidavit from every person proposed to become a director that he is not disqualified to become director u\/s 164<\/span><\/li>\n<\/ol>\n<ul>\n<li><b>What are the forms required to be filled for Conversion of the firm into the Company<\/b><\/li>\n<\/ul>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Form URC-1<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Spice-32<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Spice-33<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Spice-34<\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/aktassociates.com\/blog\/agile-e-form\/\"><span style=\"font-weight: 400;\">e.Form-AGILE<\/span><\/a><\/li>\n<\/ol>\n<ul>\n<li><b>Explain the Process for Conversion of Partnership firm Into Company<br \/>\n<span style=\"font-weight: 400;\">The process for the conversion has been bifurcated into the steps which are as follows:<\/span><\/b><\/li>\n<\/ul>\n<p><b>Fir<\/b><b>st,<\/b><b> Step:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Take assent of the majority of partners by holding a meeting of the partners to authorize one or more partners to take all necessary steps.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">As discussed above, No Objection Certificate or written consent from all the secured creditors required.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><a href=\"https:\/\/aktassociates.com\/blog\/partnership-firm-registration-benefits-procedure\/\">Partnership firms<\/a> will have to apply for the availability of the name in RUN.<\/span><\/li>\n<\/ul>\n<p><b>Second Step:<\/b><\/p>\n<p><span style=\"font-weight: 400;\">In this step, we will discuss the documents required to be attached to the forms as specified above:<\/span><\/p>\n<p><b>Form URC-1<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">List of names, addresses, and occupations of all partners with details of capital contribution.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">List of first directors along with residential addresses, passport number, if any, with an expiry date, and their interests in the entity.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Form DIR-2 i.e. consent to act as Director\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Partnership Deed, Firm Registration Certificate and Supplementary Deed.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">No Objection Certificate or written consent from all the secured creditors.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Written consent of the majority of Partners.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Take an undertaking that the proposed directors shall comply with the requirements of the<\/span><span style=\"font-weight: 400;\"> Indian Stamp Act, 1899.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Certificate from a CA\/CS\/CWA certifying that all the provisions of Stamp Act 1899has been complied with.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">NOC from the concerned Registrar of Firms.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">For the dissolution of the firm, Affidavit from all the partners.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">List of pending proceedings, if any, by or against the partnership firm.<\/span><\/li>\n<\/ul>\n<p><a href=\"https:\/\/aktassociates.com\/start-a-business\/register-partnership-firm\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-3177\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/12\/Partnership-firm.png\" alt=\"Partnership firm\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/12\/Partnership-firm.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/12\/Partnership-firm-300x64.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/12\/Partnership-firm-20x4.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/p>\n<p><b>Form Spice-32<\/b><\/p>\n<ul>\n<li><b><span style=\"font-weight: 400;\">Declaration by a first subscriber(s) and director(s) in form INC-9<\/span><\/b><\/li>\n<li><span style=\"font-weight: 400;\">DIR-2 declaration from first Directors along with Copy of residential address and Proof of Identity.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Rent agreement\/NOC from the owner of the property.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Address Proof as the address of the Office.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Copy of the electricity bills<\/span><\/li>\n<\/ul>\n<p><b>Form Spice-33<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Filing of Memorandum of Association of the Company<\/span><\/li>\n<\/ul>\n<p><b>Form Spice-34<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Copy of Article of Association of the Company<\/span><\/li>\n<\/ul>\n<p><b>Form-AGILE<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">This form is used for the registration of GSTIN, EPFO, and ESIC (if required)<\/span><\/li>\n<\/ul>\n<p><b>3<\/b><b>rd<\/b><b> Step<\/b><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Intimation to Registrar of firms<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Acknowledgment of registration of the firm within 15 days from the date of registration.<\/span><\/li>\n<\/ol>\n<ul>\n<li><b>What will be the Tax Benefit for the Conversion of Partnership firm Into Company<\/b><\/li>\n<\/ul>\n<table>\n<tbody>\n<tr>\n<td colspan=\"4\"><span style=\"font-weight: 400;\">As per <a href=\"https:\/\/aktassociates.com\/blog\/section-115bab-by-finance-act\/\">Section 115BAB<\/a>, the rate of Corporate tax for new manufacturing companies (If Total income is exceeding Rs. 1 Crore) will be as follows:<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Business Status<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Partnership Firm<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Company<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Difference<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Tax Rate<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Surcharge<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Health and Education Cess<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Effective Tax rate<\/span><\/td>\n<td><span style=\"font-weight: 400;\">34.94%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.17%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.78%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table>\n<tbody>\n<tr>\n<td colspan=\"4\"><span style=\"font-weight: 400;\">For domestic companies not carrying Manu. Activities (If Total income is exceeding Rs. 1 Crore) the tax rates as per Section 115BAA shall be:<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Business Status<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Partnership Firm<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Company<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Difference<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Tax Rate<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">22%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Surcharge<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Health and Education Cess<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Effective Tax rate<\/span><\/td>\n<td><span style=\"font-weight: 400;\">34.94%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25.17%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.77%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul>\n<li><b>Whether it is possible under the Companies Act, 2013 of the said merger of Partnership Firms?<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">As per M\/s. Kediya Ceramics (NCLT Ahemdabad) CA(CAA) No. 95\/NCLT\/AHM\/2017, a partnership firm can be converted into the company under a scheme of amalgamation under section 366 of the Companies Act, 2013.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On the 20th of September 2019, Taxation (Amendment) Ordinance 2019\u00a0 has been introduced by the Government of India. There are &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Conversion of Partnership Firm Into a Company\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/conversion-of-partnership-into-company\/#more-3173\">Read more<span class=\"screen-reader-text\">Conversion of Partnership Firm Into a Company<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":3176,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Conversion of Partnership Firm Into a Company AKT Associates<\/title>\n<meta name=\"description\" content=\"Provisions governing the conversion of partnership firm into the company under different laws Forms to be filed for the conversion Benefits that can be availed on conversion Tax 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