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