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Since the introduction of LLP Act in 2008, the traditional partnership firms have been considering converting into Limited liability Partnership. LLP is a partnership in which the partners have limited liability. It gives a blend of partnerships and companies. After conversion your firm will be a separate legal entity which the firm will have a separate identity from the partners unlike the traditional partnership firms. This kind of conversion is most suitable for Small and Medium sized Businesses. Your firm after conversion must have same partners as they were in the Partnership Firm. Therefore, converting into LLP is more of an advantage to your firm than being in a traditional partnership.
My Efilings provide the most reasonable and competent services for Conversion of your Partnership to LLP.
As LLP is a separate legal entity, it has mandatory statutory audits when it exceeds the
prescribed limits and also clear demarcations of its assets and liabilities. Hence, bankers
and investors do not hesitate to provide bank loans.
As a legal entity, a Limited Liability Partnership (LLP) is competent in owning its funds along with other properties. The LLP is considered as an actual person in which all the properties are vested and by which it is managed, controlled, and finally, disposed off. However, the property of the LLP is not the property of the partners of the LLP. Therefore, partners cannot claim on the property in case of any dispute among themselves.
LLP Act, 2008 gives Limited Liability Partnership (LLP) the utmost freedom to manage its own affairs. Partners can have an LLP agreement and decide the way they wish to manage their LLP.
The goodwill of the Company and its brand value is kept intact and continues to enjoy the previous success story with legal recognition.
Pick a package that suits your requirements.
You need to apply two different names in line with business with the MCA from which one of the names is selected approved. The name should be selected carefully. Limited Liability Partnership will be used at the end of the company’s name.
The first step of conversion starts with applying for DSC (Digital Signature Certificate) for any one designated partner.
The necessary forms required for the conversion will be filed.
Congratulations!!! You are ready to start your business.
Any individual /organization can become the partner of LLP including foreigners/NRI.
There should be a minimum of two partners for registration.
A partner is responsible only for the rules and regulations given in the agreement and their independent act. A designated partner is liable for filing all the compliances of the LLP, failing which they are liable for a penalty. To become a designated partner DIN is compulsory unlike that in the case of a partner.
In case your firm is an Unregistered Partnership Firm, you cannot convert it into LLP.