This is one of the most preferred conversions since the introduction of Limited Liability Partnership in INDIA. Many previously working partnership firms got themselves converted into LLP’s since then. The major driving force is a Separate legal entity and Limited Liability of the LLP.
Registered or Unregistered partnerships can be converted into LLP, but the partners must be same as partnership at the time of conversion. Any retirement should be done prior to conversion into LLP results in cost saving.
Alonika.in is the right option to begin the journey. Get Partnership converted in to Limited Liability Partnership by Professionals like Chartered Accountants and Company Secretaries. Just contact us and stay focused towards the dreams of success.
Documents required for conversion:
- Aadhar card and PAN card of all partners. (Passport in case of NRI or Foreign Partner)
- Passport Size Photos of all partners.
- Bank Statement of all partners not older than 2 months.
- Address Proof of place of business (Electricity bill or Registry / Rent deed / NOC)
- Contact Details of all partners (Email id and Mobile No)
- Consent of all partners
Advantages of conversion from Partnership to LLP
Limited Liability: Not like as partnerships, Liability of Partners are limited to the extent of their capital contribution only, hence no impact on partners personal assets.
Separate Legal Entity: As a Company, LLP do enjoys separate legal entity. The Limited Liability Partnership Act 2008, defines LLP as a separate legal entity then its partners.
Fund Raising: In comparison to partnership a LLP can have unlimited partners and as there is no restriction on maximum numbers of partners in a LLP, admission of new partners can be done to fulfill capital requirement.
Perpetual Succession: Unlike in the traditional partnership, the death of the partner does not affect the existence of the LLP. The separate legal entity feature of the LLP allows it to carry on business.
Procedure of conversion
- Obtaining DSC and DPIN for partners
- Filing application for Name approval
- Filing of application for conversion
- Filing of application for Incorporation of LLP
- Issue of Registration Certificate
- Filing of LLP agreement with registrar