PARTNERSHIP FIRM TO LIMITED LIABILITY PARTNERSHIP
Legal Terminus can help you with conversion of partnership into limited liability partnership in a hassle-free manner within a reasonable time span and competitive Professional fee which starts from Rs. 9999/- excluding Govt. Fees
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Frequently asked questions about partnership firm to limited liability partnership
A partnership firm is a popular business structure for most small and medium traders/manufacturers/ service providers. However, a partnership firm is not mandatorily liable to be registered in terms of the extant provisions of the applicable law. Furthermore, there is no provision for compulsory audit of a partnership firm. Therefore, as it grows in size, it becomes need of the hour for a business to evolve into a more trustworthy and transparent structure, such as Limited Liability Partnership. It has been observed that such structures are preferred by critical stakeholders (investors, creditors, etc.). Hence, various partnership firms seek to convert to an LLP structure. Certain relevant queries in connection with the same have been dealt below.
- The liability of the members or the directors are limited in case of LLP whereas in case of partnership firm the liabilities are unlimited
- The LLP is more transparent structure of business as compared to partnership firm
- The benefit of startup recognition under the startup India scheme of the government of India can be availed by a LLP and not by any partnership firm.
- The LLP has a separate legal identity as compared to a partnership firm.
- The venture capitalist gets attracted to invest in a LLP.
- Details of proposed Designated Partners/Partners
- Consent of all partners
- Statement of consent of partner of the partnership firm
- Copy of latest Income Tax Return
- List of all Creditors along with their consent for conversion
- List of certified liability and assets
- Relevant certification from a CA/CS/CWA; etc.
- Bank Statement with current transactions
- KYC Documents
- Electricity Bill, Rent Agreement&NOC by the owner of Registered office
- Dissolution Deed
- NOC from the Registrar of firms
- Preparation of DSC and DIN of proposed Designated Partners and Partners.
- Preparation and Filing of name application through web form RUN through MCA portal.
- Preparation and Filing of form LLP 2 along with LLP 17 for conversion.
- Preparation and Filing of form LLP 3
- Appropriate Government fees is payable depending upon the authorized capital of the company.
The process of Conversion of partnership firm into a LLP can take anywhere between 40 to 50 working days, subject to submission of correct information and complete documentation.
Legal Terminus can help you with conversion in a hassle-free manner within a reasonable time span and competitive Professional fees. To know more please book a telephonic appointment with one of our consultants for free.
The fee mentioned above does not include any govt fees, expenditure towards any newspaper advertisement, certification from any professional, preparation of Statement of accounts and accordingly kindly contact our executive to get an all inclusive fee quote