Conversion of Partnership to LLP

Conversion of Partnership to LLP

Rs. 2500 (excl. Govt fees and taxes)

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.

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Benefits of a LLP Firm

Conversion of 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.

In an LLP, your liability is limited to the extent of your agreed contribution. It also protects your personal assets from the liabilities of the business. An LLP functions based on a clearly defined agreement, which specifies your mutual rights and duties with your partners. The agreement protects you from being affected in case of any of your partner’s wrong decisions.

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.

Process For Conversion Of Partnership To LLP

Choose a Plan

Pick a package that suits your requirements.

Name Application and Approval

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.

Application for DSC

The first step of conversion starts with applying for DSC (Digital Signature Certificate) for any one designated partner.

Form filing

The necessary forms required for the conversion will be filed.

Ready to work

Congratulations!!! You are ready to start your business.

Documentation Needed For Conversion Of Partnership To LLP

  • 1. Address proof of registered office,
  • 2. Identity and address proof of all the partners,
  • 3. Approval by regulatory authority,
  • 4. Details of partnership (including details of partners and directors)
  • 5. Consent of all the partners,
  • 6. Copy of the latest income tax return (can be acknowledgment),
  • 7. No Objection Certificate from tax authorities,
  • 8. List of creditors and their consent, and
  • 9. List of certified liabilities and assets.

FAQ'S

Any individual /organization can become the partner of LLP including foreigners/NRI.

There should be a minimum of two partners for registration.

LLP has lesser formalities as compared to Pvt Ltd Company.  An LLP is preferable if you are offering professional services, like a lawyer or architect. A Pvt. Ltd. Company is preferred if you want to launch a scalable enterprise.

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.