Question

The main objectives of conversion of the firm into a limited Co. is----​

Answer 1

Answer:

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Answer 2

The main objectives of conversion of the firm into a limited Co. is----

Explanation :

The main objective of converting a firm into a limited company is as follows: When someone wants to convert into a limited company, they get certain benefits.

All profits and liabilities before the conversion become profits and liabilities of the organization. Therefore, no stamp duty has to be paid.

No capital gains charge is levied on transfer of assets from the proprietorship firm to the company.

The accumulated misfortune and unabsorbed depreciation of the proprietorship firm is considered to be the misfortune of the replacement organization for the previous year in which the change took effect. Thereafter, such misfortune can be reported in the possession of the replacement organization for an additional eight years.

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