proprietory firm to pvt ltd
i have a prop. firm, i have filed cases in high court for recovery from debtors , due to my ill health , i want to transfer my prop. firm to my wife , does the status of cases change if i transfer the firm to my wife or convert into a pvt ltd. please guide
Asked 4 years ago in Business Law from New Delhi, Delhi
You may execute power of attorney in the favour of you wife till the cases are ongoing. In the POA you can transfer rights to her so as to not to create conflict of interest.
However, you will have to ensure all the rights are properly transferred in her name, so as to enable her to execute all the responsibilities in your absence including court appearances in specific and other courts in general.
Advocate, Navi Mumbai