{"id":1881,"date":"2026-08-24T17:16:25","date_gmt":"2026-08-24T11:46:25","guid":{"rendered":"https:\/\/cajdshah.com\/blog\/?p=1881"},"modified":"2026-08-24T17:16:25","modified_gmt":"2026-08-24T11:46:25","slug":"business-restructuring-partnership-to-company","status":"publish","type":"post","link":"https:\/\/cajdshah.com\/blog\/business-restructuring-partnership-to-company\/","title":{"rendered":"Business Restructuring in 2026: When a Partnership Should Consider a Company Conversion"},"content":{"rendered":"<section class=\"wpb-content-wrapper\"><p>[vc_row css=&#8221;.vc_custom_1765522538490{margin-top: 20px !important;margin-bottom: 20px !important;}&#8221;][vc_column][vc_column_text]We get some version of this question almost every month. Two or three partners have built something that actually works, revenue is climbing, and then someone asks, &#8220;should we become a private limited company now?&#8221; There&#8217;s rarely a clean yes or no answer on the spot. It depends on what&#8217;s actually going on in the business, how it&#8217;s funded, and where the founders see it heading over the next few years.<\/p>\n<p>We&#8217;ve guided a fair number of partnership firms and family businesses through this exact decision, some who converted and some who chose to stay as they were, at least for now. This is part of the day-to-day work we do as <a href=\"https:\/\/www.linkedin.com\/company\/jdshahassociates\" target=\"_blank\" rel=\"noopener\"><strong>chartered accountants in Mumbai<\/strong><\/a>, sitting alongside tax planning, GST filings, and statutory audit assignments for closely held businesses across the city. Every so often the same conversation leads into something bigger, a business preparing for an <a href=\"https:\/\/cajdshah.com\/ipo-services.html\" target=\"_blank\" rel=\"noopener\"><strong>IPO<\/strong><\/a>, and even then the starting point is usually this one question about structure. This post lays out how we actually think about partnership-to-company conversion, without the jargon.[\/vc_column_text][vc_separator][\/vc_column][\/vc_row][vc_row css=&#8221;.vc_custom_1765522550472{margin-top: 20px !important;margin-bottom: 20px !important;}&#8221;][vc_column][vc_column_text]<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/cajdshah.com\/blog\/business-restructuring-partnership-to-company\/#Why_This_Question_Is_Coming_Up_More_in_2026\" >Why This Question Is Coming Up More in 2026<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/cajdshah.com\/blog\/business-restructuring-partnership-to-company\/#Signs_Your_Partnership_Might_Be_Ready_for_a_Company_Structure\" >Signs Your Partnership Might Be Ready for a Company Structure<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/cajdshah.com\/blog\/business-restructuring-partnership-to-company\/#Youre_Chasing_Outside_Funding\" >You&#8217;re Chasing Outside Funding<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/cajdshah.com\/blog\/business-restructuring-partnership-to-company\/#Personal_Liability_Is_Genuinely_Worrying_You\" >Personal Liability Is Genuinely Worrying You<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/cajdshah.com\/blog\/business-restructuring-partnership-to-company\/#Youre_Losing_Business_Because_of_How_Youre_Structured\" >You&#8217;re Losing Business Because of How You&#8217;re Structured<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/cajdshah.com\/blog\/business-restructuring-partnership-to-company\/#Ownership_and_Succession_Are_Getting_Complicated\" >Ownership and Succession Are Getting Complicated<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/cajdshah.com\/blog\/business-restructuring-partnership-to-company\/#Your_Turnover_Has_Crossed_a_Meaningful_Threshold\" >Your Turnover Has Crossed a Meaningful Threshold<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/cajdshah.com\/blog\/business-restructuring-partnership-to-company\/#What_Conversion_Actually_Involves\" >What Conversion Actually Involves<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/cajdshah.com\/blog\/business-restructuring-partnership-to-company\/#Tax_Implications_Worth_Thinking_Through\" >Tax Implications Worth Thinking Through<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/cajdshah.com\/blog\/business-restructuring-partnership-to-company\/#Mistakes_We_See_Businesses_Make\" >Mistakes We See Businesses Make<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/cajdshah.com\/blog\/business-restructuring-partnership-to-company\/#How_We_Help_at_JD_Shah_Associates\" >How We Help at JD Shah Associates<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/cajdshah.com\/blog\/business-restructuring-partnership-to-company\/#Final_Thoughts\" >Final Thoughts<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Why_This_Question_Is_Coming_Up_More_in_2026\"><\/span>Why This Question Is Coming Up More in 2026<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Partnership firms in India have always worked fine for small, trust-based setups. Two friends start a business, split profits, keep it simple. That model holds up beautifully until it doesn&#8217;t.<\/p>\n<p>A few things are pushing this conversation forward this year:<\/p>\n<ul>\n<li>Investors and larger clients increasingly want to deal with a company, not a partnership, before they&#8217;ll sign a cheque or a contract.<\/li>\n<li>Banks are more comfortable lending against a corporate structure than a partnership deed.<\/li>\n<li>The compliance gap between a well-run LLP or company and an informal partnership has gotten harder to justify once turnover crosses a certain point.<\/li>\n<li>Founders are thinking about succession earlier than they used to, and partnerships make that transition messier than it needs to be.<\/li>\n<\/ul>\n<p>None of this means every partnership needs to convert. It just means the question is worth actually sitting with instead of putting off.<\/p>\n<p>[\/vc_column_text][vc_separator][\/vc_column][\/vc_row][vc_row css=&#8221;.vc_custom_1765522550472{margin-top: 20px !important;margin-bottom: 20px !important;}&#8221;][vc_column][vc_column_text]<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Signs_Your_Partnership_Might_Be_Ready_for_a_Company_Structure\"><\/span>Signs Your Partnership Might Be Ready for a Company Structure<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Youre_Chasing_Outside_Funding\"><\/span>You&#8217;re Chasing Outside Funding<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>This is the one that brings most people to us in the first place. A founder will sit across the table and say something like, &#8220;the investor loved the numbers, but their term sheet assumes we&#8217;re a company, not a partnership.&#8221; And that&#8217;s usually the end of the conversation on their side until the structure changes.<\/p>\n<p>Investors want shares, a board, a cap table, things a partnership deed simply can&#8217;t offer. If you&#8217;re planning to give an early employee some equity through an ESOP, that doesn&#8217;t really work in a partnership either. We&#8217;ve seen fundraising rounds slow down for months over exactly this, not because the business wasn&#8217;t fundable, but because the paperwork wasn&#8217;t in the right shape yet.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Personal_Liability_Is_Genuinely_Worrying_You\"><\/span>Personal Liability Is Genuinely Worrying You<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>We ask partners a version of this question a lot: if this business went wrong tomorrow, could someone come after your house? In a partnership, the honest answer is often yes. Your personal assets aren&#8217;t ring-fenced from the business, so if the firm runs into debt or gets pulled into a legal dispute, partners can be personally on the hook.<\/p>\n<p>A company changes that. Your liability is limited to what you&#8217;ve put into the business, not your personal savings or property. This starts to matter a lot more once contracts get bigger, once you&#8217;re taking on debt, or once you&#8217;ve got a family depending on that personal wealth staying protected.<\/p>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_separator][\/vc_column][\/vc_row][vc_row css=&#8221;.vc_custom_1765522550472{margin-top: 20px !important;margin-bottom: 20px !important;}&#8221;][vc_column][vc_column_text]<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Youre_Losing_Business_Because_of_How_Youre_Structured\"><\/span>You&#8217;re Losing Business Because of How You&#8217;re Structured<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>This one surprises people every time we bring it up. We&#8217;ve seen firms lose government tenders, corporate contracts, and even solid vendor relationships purely because the other side&#8217;s onboarding process wouldn&#8217;t accept a partnership firm. It&#8217;s rarely about trust. It&#8217;s usually a procurement policy or an internal compliance box that just doesn&#8217;t have a box for &#8220;partnership.&#8221;<\/p>\n<p>If you&#8217;ve ever been told &#8220;we&#8217;d love to work with you, but our vendor policy requires a registered company,&#8221; that&#8217;s not a small thing to shrug off. It&#8217;s revenue walking away because of paperwork, not because of the work itself.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Ownership_and_Succession_Are_Getting_Complicated\"><\/span>Ownership and Succession Are Getting Complicated<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Partnerships weren&#8217;t really built with succession in mind. Bringing in a new partner, or letting an old one exit, usually means redrafting the deed and, in many cases, technically dissolving and reconstituting the firm. It&#8217;s more disruptive than it sounds, and we&#8217;ve seen it stall handovers that families had been planning for years.<\/p>\n<p>A company handles this far more cleanly. Shares can be transferred, gifted, or sold without touching the legal existence of the business itself. If you&#8217;re already thinking about the next generation taking over, or about an eventual exit, this alone is often reason enough to convert sooner rather than later.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Your_Turnover_Has_Crossed_a_Meaningful_Threshold\"><\/span>Your Turnover Has Crossed a Meaningful Threshold<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>There&#8217;s no fixed number where a switch flips. But somewhere around scale, the informality that made a partnership easy in the early days starts costing more than it saves. Once turnover, headcount, and the number of outside stakeholders grow, the tax planning flexibility and legal protection a company offers tends to outweigh the extra compliance that comes with it.<\/p>\n<p>We generally start this conversation with clients once a partnership&#8217;s turnover is comfortably into eight figures, though it really depends on the industry and how the business is funded. If you&#8217;re wondering whether you&#8217;re at that point, that&#8217;s usually a good sign it&#8217;s worth checking.<\/p>\n<p>[\/vc_column_text][vc_single_image image=&#8221;1886&#8243; img_size=&#8221;large&#8221; style=&#8221;vc_box_shadow_border&#8221;][\/vc_column][\/vc_row][vc_row css=&#8221;.vc_custom_1765522550472{margin-top: 20px !important;margin-bottom: 20px !important;}&#8221;][vc_column][vc_column_text]<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_Conversion_Actually_Involves\"><\/span>What Conversion Actually Involves<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This is the part people worry about most, and honestly, it&#8217;s more procedural than dramatic. Under the Companies Act, a registered partnership firm can convert into a private limited company through Part I of Chapter XXI, provided the conversion conditions are met.<\/p>\n<ul>\n<li>The partnership must typically be a registered firm before conversion.<\/li>\n<li>All partners need to consent, and become the initial shareholders of the new company.<\/li>\n<li>Assets and liabilities of the firm are taken over by the new company, there&#8217;s no need to individually transfer each asset.<\/li>\n<li>A new PAN, TAN, and set of registrations follow, along with updates to GST, bank accounts, and existing contracts.<\/li>\n<\/ul>\n<p>The process usually takes a few weeks once documentation is in order. The bigger question is rarely the mechanics, it&#8217;s making sure the timing and the tax treatment work in your favour.<\/p>\n<p>[\/vc_column_text][vc_separator][\/vc_column][\/vc_row][vc_row css=&#8221;.vc_custom_1765522550472{margin-top: 20px !important;margin-bottom: 20px !important;}&#8221;][vc_column][vc_column_text]<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tax_Implications_Worth_Thinking_Through\"><\/span>Tax Implications Worth Thinking Through<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This is where a lot of firms either save meaningfully or end up with a surprise notice later. A conversion done correctly under Section 47(xiii) of the Income Tax Act can be structured as a tax-neutral transfer, meaning no capital gains tax arises on the transfer of assets from the firm to the company, provided specific conditions are satisfied.<\/p>\n<ul>\n<li>All assets and liabilities of the firm must become assets and liabilities of the company.<\/li>\n<li>Partners&#8217; shareholding in the company must be in the same proportion as their capital in the firm.<\/li>\n<li>Partners can&#8217;t receive any consideration other than shares in the company.<\/li>\n<li>Partners must hold at least 50% of the voting power for five years from the date of conversion.<\/li>\n<\/ul>\n<p>Miss even one of these conditions and the exemption can be denied, which turns what should be a smooth transition into a fairly expensive one. This is genuinely not something to attempt without proper tax advice.<\/p>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_separator][\/vc_column][\/vc_row][vc_row css=&#8221;.vc_custom_1765522550472{margin-top: 20px !important;margin-bottom: 20px !important;}&#8221;][vc_column][vc_column_text]<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Mistakes_We_See_Businesses_Make\"><\/span>Mistakes We See Businesses Make<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A good number of the calls we get aren&#8217;t about whether to convert, they&#8217;re about fixing something that&#8217;s already gone wrong. A few patterns keep showing up.<\/p>\n<p>The most common one is converting for the wrong reason. Someone hears that a competitor did it, or a friend&#8217;s CA suggested it, and decides to follow along without actually checking whether it fits their business. We&#8217;d rather have that conversation before the ROC filing than after.<\/p>\n<p>The costlier mistake is rushing the Section 47(xiii) conditions. We&#8217;ve seen firms get the shareholding ratio slightly wrong, or a partner take a small cash payout instead of purely shares, and lose the tax-neutral treatment entirely. At that point what should&#8217;ve been a clean transition turns into a capital gains bill nobody budgeted for.<\/p>\n<p>Then there&#8217;s the opposite problem: sitting on the decision too long. We&#8217;ve watched founders keep putting this off while an investor conversation or a succession plan quietly stalls in the background, waiting on paperwork that could&#8217;ve been sorted months earlier.<\/p>\n<p>And finally, treating conversion as just a legal exercise. It isn&#8217;t. The financial and tax planning needs to happen before you file anything, not after.<\/p>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_separator][\/vc_column][\/vc_row][vc_row css=&#8221;.vc_custom_1765522550472{margin-top: 20px !important;margin-bottom: 20px !important;}&#8221;][vc_column][vc_column_text]<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_We_Help_at_JD_Shah_Associates\"><\/span>How We Help at JD Shah Associates<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>We work with partnership firms and closely held businesses across Mumbai on exactly this kind of decision, not just the paperwork of conversion, but whether it makes sense in the first place. Our support typically covers:<\/p>\n<ul>\n<li>Evaluating whether conversion suits your specific business and stage<\/li>\n<li>Structuring the conversion to qualify for tax-neutral treatment under Section 47(xiii)<\/li>\n<li>Handling ROC filings, new registrations, and post-conversion compliance<\/li>\n<li>Advising on shareholding structure, succession planning, and investor readiness<\/li>\n<li>Ongoing <a href=\"https:\/\/cajdshah.com\/tax-audit-services.html\" target=\"_blank\" rel=\"noopener\"><strong>tax audit<\/strong><\/a>, income tax filing, and business advisory support once the company is up and running<\/li>\n<\/ul>\n<p>If you&#8217;re a partner sitting with this question right now, it&#8217;s worth a proper conversation before you decide either way.[\/vc_column_text][\/vc_column][\/vc_row][vc_row css=&#8221;.vc_custom_1765522550472{margin-top: 20px !important;margin-bottom: 20px !important;}&#8221;][vc_column width=&#8221;1\/2&#8243;][vc_column_text]<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Final_Thoughts\"><\/span>Final Thoughts<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Converting a partnership into a company isn&#8217;t automatically the right move, and staying a partnership isn&#8217;t automatically wrong either. What matters is whether your current structure is actually holding the business back, on funding, liability, succession, or growth, or whether it&#8217;s still doing its job just fine.<\/p>\n<p>If two or more of the signs above sound familiar, it&#8217;s probably time to sit down and run the numbers properly rather than guess. Get in touch with us and we&#8217;ll walk through what conversion would actually look like for your business.<\/p>\n<p>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/2&#8243;][vc_single_image image=&#8221;1884&#8243; img_size=&#8221;large&#8221; style=&#8221;vc_box_shadow_border&#8221;][\/vc_column][\/vc_row]<\/p>\n<div class=\"pvc_clear\"><\/div>\n<p id=\"pvc_stats_1881\" class=\"pvc_stats all  \" data-element-id=\"1881\" style=\"\"><i class=\"pvc-stats-icon medium\" aria-hidden=\"true\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"far\" data-icon=\"chart-bar\" role=\"img\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 512 512\" class=\"svg-inline--fa fa-chart-bar fa-w-16 fa-2x\"><path fill=\"currentColor\" d=\"M396.8 352h22.4c6.4 0 12.8-6.4 12.8-12.8V108.8c0-6.4-6.4-12.8-12.8-12.8h-22.4c-6.4 0-12.8 6.4-12.8 12.8v230.4c0 6.4 6.4 12.8 12.8 12.8zm-192 0h22.4c6.4 0 12.8-6.4 12.8-12.8V140.8c0-6.4-6.4-12.8-12.8-12.8h-22.4c-6.4 0-12.8 6.4-12.8 12.8v198.4c0 6.4 6.4 12.8 12.8 12.8zm96 0h22.4c6.4 0 12.8-6.4 12.8-12.8V204.8c0-6.4-6.4-12.8-12.8-12.8h-22.4c-6.4 0-12.8 6.4-12.8 12.8v134.4c0 6.4 6.4 12.8 12.8 12.8zM496 400H48V80c0-8.84-7.16-16-16-16H16C7.16 64 0 71.16 0 80v336c0 17.67 14.33 32 32 32h464c8.84 0 16-7.16 16-16v-16c0-8.84-7.16-16-16-16zm-387.2-48h22.4c6.4 0 12.8-6.4 12.8-12.8v-70.4c0-6.4-6.4-12.8-12.8-12.8h-22.4c-6.4 0-12.8 6.4-12.8 12.8v70.4c0 6.4 6.4 12.8 12.8 12.8z\" class=\"\"><\/path><\/svg><\/i> <img loading=\"lazy\" decoding=\"async\" width=\"16\" height=\"16\" alt=\"Loading\" src=\"https:\/\/cajdshah.com\/blog\/wp-content\/plugins\/page-views-count\/ajax-loader-2x.gif\" =0 title=\"\"><\/p>\n<div class=\"pvc_clear\"><\/div>\n<\/section>","protected":false},"excerpt":{"rendered":"<p>[vc_row css=&#8221;.vc_custom_1765522538490{margin-top: 20px !important;margin-bottom: 20px !important;}&#8221;][vc_column][vc_column_text]We get some version of this question almost every month. 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