Characteristics of Partnership

âœ” A partnership or agreement between two or more people to split the gains and losses of a specific endeavor or business.
âœ” The profit sharing percentages of the partners are laid forth in a separate legal document called a partnership deed.
âœ” Limited liability status gives partners more freedom and flexibility.

Documents for Conversion of Partnership to LLP

A copy of each proposed partner's PAN card

Passports, election cards or voter identity cards, ration cards, driving licenses, and Aadhaar cards are all acceptable forms of address or identity proof for Indian citizens not more than 2 months old.

The Partner's Ownership Proof must include no more than 2 months old Electricity Bills, Telephone Bills, Gas Bills, Mobile Bills, or any other utility bills from the company location.

For Digital Signature Certificate we required two most recent passport photos.

All directors and members must provide the most recent bank statements no older than two months.

If a rented premises agreement or property papers are required, a copy of address proof is required.

The landlord NOC should be in given downloaded PDF format.

Any information pertaining to the partners' contributions.

Any information pertaining to the partnership firm's partnership deed or documents pertaining to the post-partnership incorporation process.

The proposed LLP's proposed name and authorized capital.

Minimum Requirements for Conversion to LLP

âœ” Timely filing of income tax returns.
âœ” All creditors must agree to the proposed conversion in LLP.
âœ” Two partners are required, of whom at least one must be an Indian resident.
âœ” DPIN & DSC for all Partners.

Process for Conversion of Partnership to LLP

1. Apply for DIN and DSC

The applicant must apply for a Director Identification Number (DIN) and a Digital Signature Certificate (DSC).

2. Verification of company name

The company name is checked and verified in this step to ensure that it complies with the Ministry of Corporate Affairs' (MCA) requirement.

3. Filling out the Form

Once the name of the business has been approved by the relevant authorities, the applicant will submit the application form for the certificate of incorporation through the relevant MCA portal, together with any necessary supporting papers.

4. Document Submission

After completing the aforementioned steps, the applicant must submit all necessary paperwork to the MCA.

5. Company Incorporation

The partnership would get its certificate of incorporation from the Registrar through this procedure, which would result in the transfer of all of its interests, assets, and obligations to the LLP.

6. Update Registrar of Firms

The last step requires the LLP's partners to inform the firms in a form that must be filed to the Registrar within 15 days of this process about the change in the partnership's status to LLP.

Benefits of Conversion of Partnership to LLP

Increased Investment

It would raise the amount of investment in the LLP and boost the company's reputation, attracting additional money from investors.

Permanent Succession

A partner's departure or death does not cause the partnership firm to dissolve.

Limited Liability

Limited liability would provide the firm's partners a degree of independence and keep the partners' liabilities distinct from the firm's.

Management Choice

When compared to a conventional partnership firm, an LLP has more flexibility and a faster decision-making process.

Foreign Direct Investment

The Indian government has loosened the rules governing FDI in an LLP.

Partnership firm to LLP

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