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Reconstitution of partnership takes place when there is any change in the partnership i.e. business, profit sharing ratio, office address etc. signed in the existing deed. These changes can be constituted in the existing partnership by drafting supplementary deed with proper franking and notarization on the same.

The date of formation of the firm is the date mentioned in the partnership deed when it comes into existence, it cannot be change afterward at any point of time in future. The PAN is also issued by the Income Tax department on the date of the Deed Formation.

TAN is Tax Deduction and Collection Account Number, which need to be taken for deducting TDS or TCS which is of 10 Digit.

TAN is required at the time of filing TDS or TCS Return, hence if LLP need to deduct the TDS or TCS for any person, consultant or specified category mentioned under the Act, then the LLP needs to have TAN in its own name as it is separate legal entity.

As per Companies Act, 2013, deposit includes any receipt of money by way of deposit or loan or in any other form by a company.

The Corporations and Limited liability Partnership, both are completely different form of businesses.

A Private Limited Company is an organizational vehicle to carry on business in a corporate structure. The process of company registration is given under Companies Act, 2013. Recently, MCA has introduced a simplified structure by the amendment in the provision applicable.

Process for Private Limited Company Registration

Public Deposits means any receipt of money by way of deposit or loan or in any other form by a company, but does not include such categories of amount as may be prescribed in consultation with the Reserve Bank of India.

There are some limited persons who can issue public deposit with a due permission of RBI such as banks, Non Banking Finance Companies etc. as mentioned under RBI guidelines. Hence, a Proprietorship firm cannot issue public deposits as it is a criminal offence.

For a Private Limited Company, the filing of income tax return is mandatory even if it is not functioning. Following are the consequences of non-filing of ITR:

Both Sole Proprietorship and Pvt. Ltd. Co. are different business structure. Company form of business is more advantageous as the shareholders of the Company have limited liability only up to the shares subscribed by the owners whereas liability of Sole Proprietor in proprietorship firm is unlimited.

Sole Proprietorship is having no separate legal entity whereas Company has a separate legal status.

The advantage of the trademark is the best answer to the above question and they are mentioned as under:

Exclusive Rights:

The post conversion compliance are the most important part in conversion from Private Limited Company to Public Limited Company process.

Following are the points to be considered in post conversion.