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Question
Study the following case/situation and express your opinion.
Mr. Ram, Mr. Sam, and Mr. Tom who are partners have come together to convert their business into a company. They have finalized all the details about the business they want to do, capital needed, etc. However, they do not know how to proceed with the legal formalities. Hence they appoint Mr. Shah who is a Practicing Company Secretary to help them prepare documents needed for incorporating the proposed company.
- Can Mr. Ram, Mr. Sam, and Mr. Tom convert their partnership firm into a company?
- Name 2 most important documents needed to incorporate a company.
- Will Mr. Shah be considered as a Promoter of the Company? Why?
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Solution
- Mr. Ram, Mr. Sam and Mr. Tom can convert their partnership firm into a company. They can convert their partnership firm into a Private Company as it needs a minimum of 2 promoters/persons.
- Memorandum of Association and Articles of Association are the 2 most important documents needed to incorporate a company.
- Mr. Shah will not be considered as promoter of the company. This is because Mr. Shah Who is a practicing Company Secretary only assists the partners (promoters) in completing the legal formalities in a professional capacity.
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