CONVERT PARTNERSHIP TO LLP



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CONVERT PARTNERSHIP TO LLP

After introduction of Limited Liability Partnership Act, 2008 the traditional Partnership Firms have started converting themselves to Limited Liability Partnership (LLPs) for obvious reasons of Limited Liability, Separate Judicial Entity, Unlimited Partners, Easy transferability of assets etc.

The condition of conversion of Partnership to LLP is that there should be same designated partners in LLP as they were in the Partnership before conversion. It is therefore advisable to remove those partners who do not want to continue after conversion to LLP and if a Partnership wishes to add new partners, they should be added after conversion of Partnership to LLP.

CONVERT PARTNERSHIP TO LLP

ADVANTAGES OF CONVERSION OF PARTNERSHP TO LLP

On conversion the newly formed LLP starts gets benefit of Limited Liability, unlimited number of partners, separate judicial entity, easy transferability of ownership etc. Besides this there are few more advantages which are listed below :

  • All the assets and liabilities of Partnership Firm are automatically transferred to LLP on its conversion.

  • All the moveable and immoveable assets of the Partnership gets transferred to LLP automatically. There is no need to make any transfer agreement or payment of stamp duty.

  • Transfer of assets from Partnership to LLP on conversion does not attract Capital Gain Tax.

  • The newly formed LLP enjoys the old brand name of Partnership Firm.

  • Accumulated Losses and unabsorbed depreciation of Partnership Firm is deemed to be the accumulated loss and unabsorbed depreciation of LLP. LLP can get advantage of carry forward upto eight years.

CONVERT PARTNERSHIP TO LLP

Process

01

Consulting

Company Law expert from MyEfilings will consult you about conversion of Partnership Firm to LLP

02

Documentation

We will prepare the documents related to conversion of Partnership Firm to LLP and apply for LLP Name Approval

03

Conversion

Post name approval and getting final documents and declaration for conversion of Partnership to LLP, we will apply for conversion

04

Approval

If all the documents are in order, the conversion of Partnership to LLP will be approved. We will track status and keep you informed.




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