[aurangabad_ca] Merger of Firms - Information Required
Dear Sir,
Please guide for the following issues, considering legal & professional aspects:
1. Can a proprietory & partnership CA firm merge and carry the name of erstwhile partnership firm
( X & Co. (Prop), and AB & Co. merged, name of new firm is AB & Co.)
2. In professional terms whether a merged firm is at PAR with other regular ones, without any gestation etc.
3. Stamp duty value for The merger agreement ?
4. As per the Merger Agreement draft on the ICAI website:
"2. And in case 75% or more of the continuing partners of one or more erstwhile merging firm(s) are willing to demerge, they can demerge after giving due notice and will be entitled to the following benefits :
(i) They will be entitled to the total seniority acquired i.e. their earlier pre-merger seniority and the years during which they were in merged firm.
(ii) They are entitled to their old firm's name.
Provided in case, 75% is a fraction, then the same will be rounded off to the next number"
- if the new firm is having two partners only, can one substitute 49% instead of 75%.
As the one partner who is coming in require outgoing right with his previous firm name in case of demerger, and he do have only 50% stake in the new firm.
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AURANGABAD_CA is a Yahoo Group for the benefit of CA and other professional. It is especially meant for written discussion within group members and circulate the information among its members. The mail may contain such research/advice/opinion/information/fact provided by any member or moderator and every contain of the mail or information of yahoo is always subject to the Accuracy and of the description of facts.
The Aurangabad_CA , its moderator/owner do not claim that contains in mail/information obtained after reading as a complete and accurate disclosure of relevant fact(s).
Considering all above facts m the transaction based on above mail may not complete without confirming proper statue/authority/person. Therefore any action/transaction taken on basis of this mail do not imply the accuracy or value . Further this Group's Owner/Moderator/Member are not liable for any damages or costs suffered due to action/transaction based on information on this Yahoo Group.
For Seeking any Clarification you may mail only to Group Moderator on
girishkulk@gmail.com
.
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