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Conversion of a Partnership firm into a Limited Liability Partnership

{for conversion of a partnership firm into a limited liability partnership}

takes 25-30 days

18880 (including GST; applicable statutory/ government fees extra)

Limited Liability Partnership is like a partnership but an organized form of business like a company. It combines flexibility of a partnership with limited liability of a company. This is a well-organized form of business compared to traditional partnership. Due to these features and several benefits like limited liability, separate legal entity structure, audit flexibility etc. offered by LLPs many partnership firms these days are converting themselves into LLPs. We will manage the entire process of conversion seamlessly for you.

 

   The following table outlines the difference between a LLP and partnership-

 

 

Points of difference

LLP

Partnership

Control

LLP Act 2008

Partnership Act 1932

Internal governance

LLP agreement

Partnership agreement

Registration

Compulsory

Optional

Perpetual succession

Yes No

Ownership of property

Can own property in its name

Cannot own property in its name

Liability

Limited liability

Unlimited liability

Compliance

Less Minimum

 

Pre-requisites for conversion

 

A parnership firm can be converted to a LLP if the following conditions are satisfied-

  • partnership firm must be registered
  • all partners of partnership firm must become partners in LLP
  • consent for conversion is required from all partners of partnership firm
  • income tax return of partnership firm has been filed up to date
  • no legal proceedings are pending against the partnership firm
  • consent from all creditors of partnership firm is obtained

 

 

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Features & Advantages of LLP

Package Includes

DPIN for 2 partners

DSC for 2 partners

name search & approval

LLP Agreement

conversion application with ROC

statutory fees

Documents required

  • 2 latest passport size photographs of every partner
  • consent of all partners of partnership firm
  • statement of assets & liabilities of partnership firm certified by CA
  • copy of acknowledgement of latest ITR of partnership firm
  • NOC from creditors/ lenders of partnership firm
  • copy of PAN card of every partner
  • copy of address proof (Voter Id, Passport, Driving License, Aadhar Card) of every partner
  • copy of Mobile bill, telephone bill, electricity bill or Bank Statement of every partner with present address
  • registered office address proof - Electricity Bill/Telephone Bill/other utility bill along with Rent Agreement/ ownership proof of proposed registered office
  • NOC from landlord (we will provide the format)

 

Conversion process

The process of conversion of partnership firm into LLP usually takes around 25-30 days depending upon the correct and proper documents received and time taken by the respective ROC to incorporate the LLP. We will start the process once we receive the payment and thereafter we will send you all the documents including certificate of incorporation.

 

The process of conversion will include DSC & DPIN for 2 partners, LLP name approval, LLP Agreement, Conversion application, LLP registration and statutory fees applicable on filings with ROC.

Note :-

  • Timeline starts from receipt of complete and accurate documents/ information
  • Timeline is subject to MCA site up and working
  • In case of customized LLP Agreement, extra charges will be applicable
  • For every extra partner over 2, charges will be INR 2,000 extra per person
  • Stamp duty varies from state to state
  • Extra charges will apply for an early turnaround
  • ROC fees will be charged as per actuals in addition to the service price
  • Late filing will attract additional fees from ROC