Conversion of Partnership firm to LLP – Tax Portal

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Conversion of Partnership firm to LLP

Home Conversion of Partnership firm to LLP

Partnership to LLP

After introduction of LLP Act in 2008, many Partnership Firms have started to convert their Partnership Firm to LLP. The reasons of conversion are self-evident such as ability to take unlimited number of partners, separate legal entity, limited liability and ease of ownership transfer. Because of these advantages of LLP over Partnership, LLP has become very popular amongst small and medium sized businesses. The Partnership Firm which wants to convert itself to LLP must be registered under Indian Partnership Act, 1932. Unregistered Partnership Firm can’t be converted to LLP. LLP incorporated by conversion of Partnership Firm to LLP must have same partners as they were in the Partnership Firm. Therefore it is suggested that the Partnership Firm should retire all the Partners who do not wish to be a part of LLP and if new partners are to be added, they should be added after the incorporation of LLP.
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Minimum Requirements for Conversion to LLP

Up to date filing of Income tax returns.
The partners shall receive consideration only by way of allotment of shares in LLP.
Consent of all the unsecured creditors for the proposed conversion in LLP.
Minimum 2 Partners.
At least 1 of the designated partners shall be an Indian Resident.
DPIN for all the Partners.
DSC for all the Partners.
There has to be some sort of contribution from each partner.

Procedure For Conversion

  • 01

    Complete our Simple Form

    You are required to fill the details in our simple questionnaire and submit documents.
  • 02

    Obtain DSC and DPIN from us

    After submitting your documents we will provide you with DSC and DPIN.
  • 03

    Verification and Name Approval

    For further procedures, details provided by you shall be verified by our experts.
  • 04

    Document Submission

    We will create your documents and application and file them with ROC on your behalf.
  • 05

    Your work is completed

    Once your company is incorporated, we shall send you all the documents and DSCs.

Advantages of Conversion

01.

Low set-up cost

04.

Limited Liability

02.

Minimal Compliances

05.

Separate Legal Entity

03.

Tax Advantages

FAQ's

At least two members are required for LLP registration.

Any individual/organization can become the partner of LLP including foreigners/NRI’s.

Our procedure is 100% online. You won’t need to be available at our office or show up at any other office for conversion of partnership to a Limited Liability Partnership. A scanned copy of documents can be sent to us via mail, and we will handle the rest.

There is absolutely no other payment. We will send you an invoice that is all-inclusive, with no hidden charges.

Yes, after acquiring DIN/DPIN an NRI or Foreign national can become a designated partner is LLP. However, at least one designated partner in the LLP must be a Resident of India.

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