Conversion Of Business To LLP

Conversion of Partnership Firm to LLP

Benefits of Conversion of  Partnership firm to LLP

• Incorporated status
• Limited liability for partners from the date of conversion
• Perpetual Succession
• More acceptance for the organisation
• Unlimited number of partners

Criteria for Conversion of  Partnership firm to LLP

• All the statutory returns under Income tax Act should be up to date.
• Consent to be obtained from all the partners for conversion.
• All the partners should become the partners of LLP and no others can be added at the time of conversion

Procedure for Conversion of Partnership firm to LLP

1. Obtaining DPIN for the Designated Partners.
2. Apply for name of LLP
3. Filing of conversion documents in Form 2 and Form 17
4. Filing of LLP Agreement and Consent of Partners and Designated Partners
5. Filing of Form 14 with the Registrar of Firms.

Also read about Conversion of Company to LLP 

Online Company Registration

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Meetings of the Board of Directors

The affairs of a company are managed by the Board of directors. Hence, it is necessary for Board of Directors should often meet to discuss various matters regarding the management and administration of the company affairs.

The Companies Act, 1956 gives wide powers to the Board of directors. The noted below are the powers that shall exercise on behalf of the company only by means of resolutions passed at the meetings of the board.
(a) power to make calls on shareholders in respect of unpaid money on their shares.
(b) power to issue debentures.
(c) power to borrow moneys otherwise than on debentures
(d) power to invest the funds of the company
(e) power to make loans

In every company, a meeting of the Board of directors shall be held at least once in every three months and at least four such meetings shall be held in every year.

The meetings of Board of Directors may be held at any place convenient to the directors outside the business hours and even on a public holiday.

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Registration of a firm

The registration of a firm may be effected at any time by sending by post or delivering to the Registrar of the area in which any place of business of the firm is situated or proposed to be situated, a statement in the prescribed form and accompanied by the prescribed fee stating:
1. the name of the firm
2. the place or principal place of business of the firm
3. the names of any other places where the firm carries on business
4. the date when each partner joined the firm
5. the names in full and permanent addresses of the partners
6. the duration of the firm

The statement shall be signed and verified by all the partners or by their agents specially authorised in this behalf.

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Registration and Incorporation of Companies

The following are the steps involved for registration and incorporation of the company:
1. Ascertaining the availability of name for the company
This involves adopting a suitable name. The name would be used to identify the company. The name of a company would end with 'Limited' in case of Public company and 'Private Limited' in case of Private companies.

2. Drafting Memorandum of Association and Articles of Association
MOA and AOA are the two important documents that must be prepared by the promoters and filed with the ROC ( Registrar of the Companies )

i. Memorandum of Association
MOA contains the constitution of a company. It defines the area within which the company can operate, the objects for which the company has been formed and also the business that the company would undertake.

ii. Articles of Association
Another important document to be filed with the Registrar of Companies for company registration is the AOA which contains the regulations relating to the internal management of a company.

3. Approval of MOA and AOA
Before the documents get printed, the ROC ( Registrar of the Companies ) would need to approve both the documents.

4. Other documents to be filed with ROC
e-form no 32: Consent of Directors
e-form no 18: Notice of registered address
e-form no 32: Particulars of Directors

5. Payment of Registration fees

6. Certificate of Incorporation
If the Registrar is satisfied that all the requirements have been complied with, he will register the company and issue the certificate of incorporation.

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Developing an Organisation Structure

Designing a new organisation structure or reorganizing an existing one needs careful consideration of current practices and principles of organisation. There are no such rules the application of which will lead to the best organisation structure in every situation. But the steps mentioned below could be of great help in designing suitable structure:

1. Clear definition of Objectives: The first steps in developing an organisation structure is to have very clear objectives. This will help in determining the type and the basic characteristics of the organisation.

2. Identifying the activities and Grouping them into classes: The next step in developing an organisation is to list the activities necessary to achieve the objectives and grouping them in a systematic manner. These activities can be assigned to personnel.

3. Determine the Structure: With the help of above two steps, actual determination of the organisation structure can be set.

4. Revise the structure on the basis of assessment of Personnel: The last step in developing a suitable organisation structure is to assess the capabilities and abilities of people available for the different positions in the organisation. The ideal organisation should then be adapted to fit the reality of the situation.

The above outlined are the general guidelines for steps in developing the organisation structure. However, each enterprise should be viewed as separate case and developed accordingly.

Article reference: The Business Law, The Company Secretaries of India
Written by Sonia Shekar from Companies Inn

Public Company

Public Company means a company which
- is not a private company.
- has a minimum paid up capital of five lakh rupees or higher paid up capital.

A public company may be said to be an association consisting of seven or higher number of members which is registered under the Companies Act, 1956. The articles of a public company do not contain provisions restricting the number of its members or excluding generally the offer or transfer of shares or debentures to the public. Any member of the public who is willing to pay the price may acquire shares in or debentures of a public company. Shares and Debentures of public companies are capable of being dealt on a stock exchange. Unlike a private company, there is no restriction with regards to the maximum number of members of a public company.

There are provisions in the Companies Act, 1956 for a Private company to become Public in certain cases. This would need to be informed to the Registrar who would substitute the word "Public Company" for the word "Private Company" in the register and shall also make necessary alterations in the Memorandum of Association (MOA) and Certificate of Incorporation within four weeks from the date of application made by  the company.

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