CONVERSION PARTNERSHIP TO LLP

  • Tax benefits: The LLP does away with the excessive regulations of the Indian Partnership Act, 1932. There are tax benefits, no audit requirements below a certain capital, no cap with regard to number of partners or capital contribution requirements.
  • Separate legal entity
  • Ease of ownership transfer

 

Procedure

 

  • Obtain  designated partner identification number (DPIN)  and digital Signature Certificate (DSC)
  • To get the name approval along with the submission of Form No. 17 with other relevant forms and documents to the Registrar of Companies.
  • On issue of certificate of registration the new LLP thus formed shall within 15 days from the date of registration inform the concerned Registrar of Firms with whom the erstwhile firm was registered under Indian Partnership act, 1932

Documents Required

Incorporation Document & Statement in Form 2 filed electronically.

  • Consent of all the partners for conversion
  • NOC from Tax Authorities and creditors & creditors list
  • Financial statements certified as true and correct by Chartered Accountant.

Form 14 must be accompanied by the following attachments :

  • Copy of Certificate of Incorporation of LLP formed.
  • Copy of incorporation document submitted in Form 2 (with the Registrar of Firms).