A Limited Liability Partnership (LLP) may prove to be a much superior business structure than a regular partnership. LLP have minimal compliances, tax benefits, limited liability, separate legal entity, no audit requirements below a certain capital, no cap with regard to the number of partners etc.
Nowadays partnership firms are being converted into a Limited Liability Partnership (LLP). LLP offers a bunch of great features such as limited liability protection, transferability, unlimited partners, survivability etc., making LLP structure more attractive than a partnership firm. List of other benefits is as below.
a) Private assets remain secured in LLP
b) It’s easy for LLP to raise funds
c) Great tax advantages as compared to partnership
d) No minimum capital requirement
Procedure for Conversion of Partnership Company to LLP
Step 1: - Name approval for LLP in the prescribed form
Step 2: - Application filling for conversion of a partnership into LLP
Step 3: - File LLP form 17 to registered office and consent from each partner to become a designated partner in new LLP with ROC.
Step 4: - File LLP Agreement to ROC within the time frame
Step 5: - Issuance of Certificate of Registration by ROC
Step 6: - Send intimation to ROC regarding the conversion of a partnership into LLP
Step 7: - Once your company is converted into LLP, we send you all the documents and DSCs.
Note: - Whole conversion process takes between 15-20 days and also depends upon documents provided by applicant and approval speed by the government
Requirements & Benefits of Conversion
An LLP offers a bunch of great features such as limited liability protection, transferability, unlimited partners, survivability, etc., making LLP structure more striking than a partnership firm
Private assets remain secured in an LLP
It’s easy for an LLP to raise funds
Great tax advantages as compared to the partnership
No minimum capital requirement
Requirements for Conversion
Partners of the partnership firm will remain the partners in new LLP, and those who do not wish to continue to be the partner in LLP should retire
New partners who want to add themselves in LLP, should be added after the incorporation of LLP
All the designated partners should be updated with their income tax returns
All designated partners must apply for DSC
All designated partners must apply for DIN or DPIN
All designated partners must make contributions
All creditors must give their consent for conversion
How to get Convert Partnership Company to LLP?
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