Partnership firms are at a disadvantage when compared to the newly introduced Limited Liability Partnership (LLP) as they do not provide limited liability protection for the partners, separate legal entity status, ability to take on unlimited number of partners and ease of ownership transfer. The introduction of LLP’s through the Limited Liability Partnership Act, 2008 has made LLPs the premier choice for small and medium sized businesses. Inciting tremendous interest among Partners of an existing Partnership firms to convert their firms into LLP.
Convert Partnership to LLP
Advantages of LLP
It is an interesting and top choice for small and medium sized businesses as it is a great way to bring business synergies together.
It forms a simple working condition limiting liability of partners.
The existence and running of LLP does not solely depend on either of the partner.
For example, with the demise of a partner in Partnership Firm, may cause the Firm to disintegrate. The partners of an LLP may keep changing from time to time and it will not affect the LLP’s continuity.
The liability of partners in LLP is limited to the amount of capital invested and there is no minimum limit to the amount of capital to be invested.
In a partnership firm, minimum number of partners is two and maximum is limited to ten. However in LLP, there is no upper limit to number of partners
Procedure
What you do
Fill our Simple Form and provide us the KYC of all the partners and all the necessary documents needed by our experts for the conversion of partnership into LLP.
What We do
We will prepare and file the necessary documents and the various forms with Registrar of Companies.
What you get
Once the request for Conversion of LLP will be approved by the ROC, you will receive a fresh Certificate of Incorporation confirming the Registration of LLP.
Frequently Asked Questions
What is the minimum number of Partners required to start a Limited Liability Partnership?
At least two designated partners are required for LLP registration.
Can NRIs/Foreign Nationals be a Designated Partner in LLP?
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.
Will the assets belonging to partnership get transferred to LLP with the conversion?
No, for any licenses, permits, registrations, properties, approvals, etc., belonging to prior Partnership Company, the newly formed LLP must follow the required procedures with concerned authorities to transfer the assets.
Who is responsible for compliances under LLP?
The Designated Partners would be responsible for the doing of all acts, matters and things as are required to be done by the limited liability partnership in respect of compliance of the provisions of this Act.