Partnership to (LLP)
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Add limited liability to your partnership
Partnership to LLP - An Overview
A company where two or more people share ownership of the business is a partnership company. In a partnership company, each partner contributes to all aspects of the business. The partners also share the profits and losses of the business. Whereas LLP, which is limited liability partnership, is a company where all partners have limited liabilities. Here, one partner is not responsible for other partners’ diligence or negligence.
Therefore, those of you who want to be on the safe side when doing business, it’s a good idea to convert your Partnership into a Limited Liability Partnership. By doing so, you’re going to combine the partnership aspect of a firm with the Limited Liability Aspect of a company.
Process for converting partnership firm into an LLP in India
The process to convert a partnership firm into a Limited Liability partnership is as follows:
- First, you must get approval to use the name of the partnership firm for the LLP.
- After acquiring the approval, you must gain the digital signatures of the designated partners.
- Then, you must draft a FORM-17 with the Registrar of Companies. It’s called the application of conversion.
- Obtain the consent from the partners, suppliers, investors and from those to whom you once owed any type of debt to.
- Create a statement of all the assets and liabilities
- Fill the form for incorporation of LLP online
- Obtain the Certificate of Incorporation of the LLP
- Draft an LLP agreement using the points mentioned in the partnership deed.
- Within 15 days of conversion from Partnership to LLP, intimate the Registrar of Firms about the conversion.
Documents Required for Partnership to LLP
- Designated partner identification number (DPIN) or Director Identification Number (DIN): Filing an application under DPIN must be obtained for all partners
- Digital Signature Certificate (DSC): This is necessary to apply for digital authentication of the company
- LLP-1: This e-form is needed to be filled to add “LLP” to the existing firm name. The registrar will accordingly verify any resemblance to the existing firm names or trademark registered or pending registration.
- Draft of LLP agreement
- Form-17 with Registrar of Companies (ROC): This is application of conversion is to be filled with the following attachments
- Statement of consent of Partners for conversion
- List of all creditors along with their consent to conversion
- Statement of assets and liabilities of the company duly certified by a CA
- Approval from any other body/authority as may be required. Approval of the governing council for professional firms
- NOC from Income Tax authorities
- Financial statements of the Partnership Company
- Particulars of any court proceedings
- Rejection letter of ROC in case of any earlier conversion application
Frequently Asked Questions
At least two members are required for LLP registration.
Any individual/organization can become the partner of LLP including foreigners/NRI’s.
Our procedure is 100% online. You won’t need to be available at our office or show up at any other office for conversion of partnership to a Limited Liability Partnership. A scanned copy of documents can be sent to us via mail, and we will handle the rest.
There is absolutely no other payment. We will send you an invoice that is all-inclusive, with no hidden charges.
Finlegalforte can incorporate a LLP in 14-20 days. The time taken also depends on relevant documents provided by the applicant and speed of approvals from government. To ensure speedy registration, please pick a unique name for the proposed LLP and make sure you have all the required documents before starting the registration process.
Yes, after acquiring DIN/DPIN an NRI or Foreign national can become a designated partner is LLP. However, at least one designated partner in the LLP must be a Resident of India.
The main advantage is that in an LLP, there are fewer formalities after the business has been incorporated. For example, you need not file annual returns etc. unless your income crosses a certain limit. 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.
Partnership to (LLP) registration
Partnership to (LLP) registration
रु 4999
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