Hi,
A proprietorship firm has transferred its business to a private limited company. The proprietor continues as a Director in the Pvt co. All existing employees are transferred to the Pvt co.
Whether new PF & ESIC registrations need to be obtained for the Pvt co or should the proprietorship's establishment details be updated by filing form 5A? Please help.
From India, Pune
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A proprietorship firm has transferred its business to a private limited company. The proprietor continues as a Director in the Pvt co. All existing employees are transferred to the Pvt co.
Whether new PF & ESIC registrations need to be obtained for the Pvt co or should the proprietorship's establishment details be updated by filing form 5A? Please help.
From India, Pune
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EPFO provides updation s of establushment details by way of 5A.Submit relate documents pertaining to change.
From India, Vadodara
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382From India, Vadodara
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Proprietorship and private limited are different entities with distinct statuses. Please inquire with the relevant Regional Office (RO) to determine if migration is permissible. Otherwise, a fresh registration must be obtained for the private limited entity, while the proprietorship registration needs to be surrendered. Subsequently, after transferring the employees to the new establishment, the total process remains the same across all departments, given that all registrations are PAN-based, including GST and professional tax.
The Regional Office and the advocate who drafted the memorandum can provide better guidance in this context and explain the clauses related to migration.
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The Regional Office and the advocate who drafted the memorandum can provide better guidance in this context and explain the clauses related to migration.
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