No partnership firm registered under Partnership Act, 1932 have been converted into Limited Liability Partnership after the introduction of LLP Act, 2008 due to more benefits like minimal compliances, tax advantages, limited liability, separate legal entity, etc. are involved with LLP format of business entity. Unregistered partnerships cannot be converted into LLP.
Requirements for conversion:
All the partners of the partnership firm will become the designated partners of new LLP, and consequently, those who do not wish to continue to be the partner in LLP should retire.
Designated partners who want to be the partner in LLP should be added after the incorporation of LLP.
All the designated partners should be updated with their income tax returns.
All designated partners should apply for Digital Signatures.
All designated partners should make some contributions.
All creditors should give their consent for conversion.
Procedure for the conversion:
Approval of name for LLP in prescribed form.
File an application for conversion of a partnership into LLP.
File necessary firms of registered office and consent from each partner to become a designated partner in new LLP with ROC.
File LLP Agreement within 30 days with ROC.
Issuance of Certificate of Registration by ROC.
Send intimation to ROC regarding the conversion of a partnership into LLP.
Time taken for conversion is 15-20 days, and it also depends on upon documents provided by applicant and speed of approval by the government.
LLP Registered in India has to file the annual return within 60 days from the end of close of financial year. Statement of Account & Solvency by 30th October of the end of following fiscal year. The audit of LLP Books & Accounts applicable only when it crosses the annual turnover limit Rs. 40 Lac in a year.
Annual return consists following:
Audited Balance Sheet of the Company.
Audited Profit & Loss Account.
Confirmation about the situation of Registered Office Address.
Current and details of change in contribution of partners.
MEERACORP is a professional services company that was formed six years ago by a qualified Company Secretary, a Chartered Accountant, a Lawyer and an IT Systems entrepreneur. The four of us identified through personal experience that most entrepreneurs found business start-up and survival to be difficult due to complex legislative requirements in INDIA and also the lack of affordable good professional and independent advice for smaller businesses.
A Partnership is a small business structure that is owned by two or more people for profit. Easy to start and most prevailing in the unorganized sector. With Introduction of Limited liability partnership Act. 2008 now people preferring to register their business As LLP. The partners have unlimited liability in the general partnership business; which means they are personally liable for the debts of the firm. It is not compulsory to register as a business firm with the registrar. You only need a partnership deed, PAN, and VAT / Service tax registration.
Business Idea validation
Partnership deed Drafting
Yes! I am Interested
Limited Liability Partnership Registration
Ask For Price
Product Price :Get Latest Price
Type Of Service
New company registration
Type Of Industry
Number Of Employees
Type Of Ownership
Registration Service Type
The concept of Limited Liability Partnership is recognised under Limited Liability Partnership Act, 2008 to introduce and legally sanction the concept of LLP in India. LLP is a type of business form which as a hybrid of Companies & Partnerships providing benefits of limited liability while allowing its members the flexibility for organizing their internal composition as a partnership.The main advantage of an LLP is the limited personal liability provided to each of the partners.
You know that due to corona virus many people have moved from offline to online so,
I will be helping you to get an awesome website made for your business at an affordable price just like this one -