Partnership to LLP
With the introduction of LLP Act 2008, many partnership firms have converted into LLP. LLP offers many advantages such as various tax benefits, unlimited partners, limited liability , ease of ownership transferability, no audit requirements etc. For converting into LLP, it is required to make LLP agreement which is similar to Memorandum of Association and specifies rights, duties and obligations of partners. For the conversion of partnership firm into LLP, it is required to filled Form 2, Form 3, Form 4, and Form 17. After verification of all documents, registrar will issue Certificate of Incorporation.
Why choose us?
No hidden cost
We will provide you all our services with predefine price. No extra cost will be charge. We provide you fast services with economical cost.
Promise of quality and commitment
We assure you to provide quality of service and commitment to our service. We take all your responsibilities related to government regulations and will fulfill all compliances and paperwork on your behalf.
Team of professionals and experienced legal advisors
We are providing you a good team of professionals such as CA, CS and various experienced legal advisors who will clarify all your doubts related to service and provide you all legal guidance.
We provide you 24*7 supports to handle your all queries and doubts.
Documents Required for Convert a Partnership to an LLP
Some documents are required to submit along with Forms, defines as below:
- Statement of Partners
- Subscription sheet sign by partners
- Statement of assets and liabilities of company duly certified by Chartered Accountant
- Duly stamped LLP Agreement
- Address proof of Registered Office
- No Objection/ Clearance Certificate from tax authorities
- List of all unsecured creditors and their consent for conversion
Advantages of Private Limited Company
Limited liability of members
In LLPs, there is limited liability of partners in respect of company’s debts. Personal assets of directors will be safe if the company goes bankrupt only the amount invested in starting the business will be lost. While In a General Partnership, partners are personally liable for all this debt. The partners would have to sell their personal possessions to do so.
Raising funds through equity is very easy in Private limited companies as directors and shareholders and their liability is clearly differentiable. Venture capitalists and private equity funds owners preferred more to invest in this structure. This is because, It is mandatory to become partners in LLP as compared to OPC where there is only one shareholder.
Reduced regulatory compliance and formalities
There is less government intervention and require to comply less formalities and regulatory compliance as compared to Private limited company. An LLP does not require audit if it has turnover less than Rs 40 lakhs or capital contribution less than Rs 25 lakhs.