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Conversion of a Partnership firm to LLP

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Partnership to LLP

After introduction of LLP Act in 2008, many people have started to convert their Partnership Firm into an LLP. The reasons of conversion are self-evident such as the 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 the Indian Partnership Act, 1932. Unregistered Partnership Firm can’t be converted to LLP. An LLP incorporated by conversion of “Partnership Firm to LLP” must have the 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 the LLP and if new partners are to be added, they should be added after the incorporation of LLP.

cor process
Procedure
Package
Steps
Advantages
Document
Requirement
FAQ

Procedure For Conversion

Fill Up Application Form

Complete our Simple
Form

Complete our Simple
Form

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

Obtain DSC
DPIN for

Obtain DSC
DPIN for

We will provide you with DSC and DIN. To proceed further, you need to give your approval.

Executive will Process Application

Verifcation &
Name Approval

Verifcation &
Name Approval

For further procedures, details provided by you will be verified by our experts.

Document
Submission

Document
Submission

We will create all the required documents and file them with ROC on your behalf.

Get Confirmation on Mail

Get Confirmation By
our Team

Get Confirmation By
our Team

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

What is Included In Our Package?

DIN for 3 Directors
Digital Signature For 3 Directors
Name search & approval
LLP Agreement
ROC Fees & Pan card

Steps for Nidhi Company Registration

Step 1 – Requirement of Digital Signature:

Typically the Partners in a Partnership Firm do not have a digital signature because it isn’t necessary for the registration of a partnership firm. However, if the partners decide to convert the Partnership Firm into an LLP, then the Digital Signature Certificate (DSC) is a mandatory requirement for all the Partners.


Step 2 – Requirement of DIN or DPIN:

The Partners in an LLP or the Directors in a Private Limited Company require a DIN / DPIN. A DIN is a unique number that is given to each partner or a director of an LLP. Once, a DIN/DPIN is issued, it can be used without any renewal or any compliance filing for the lifetime.


Step 3 – Getting the Name Approval done:

Once, two DIN/DPIN are available, an application for name reservation of the prospective company can be made to the Ministry of Corporate Affair. The Reservation of the name of the LLP must be obtained before filing the forms for the conversion of the Partnership Firm into LLP.


Step 4 – Filing LLP Form 17:

Application and a Statement of the Conversion of Partnership Firm into LLP (Limited Liability Partnership) i.e., Form 17 should be filed along with the incorporation application. The subscriber’s sheet should also be filed while converting a partnership firm into an LLP. After filling the form 17 the mentioned documents should be mandatorily attached to it:

  • A Statement of the consent of partners of the firm.
  • A Statement of the assets and liabilities of the firm which is duly certified as a true copy by a practicing Chartered Accountant.
  • A copy of the acknowledgment of the latest income tax return (Mandatory).
  • Approval from any regulatory body/ authority (Mandatory).
  • Prepare a list of all the secured creditors along with their consent to the conversion. It is Mandatory.
  • A Clearance or No Objection Certificate (NOC) from the Tax Authorities.
Once, an LLP Form 17 is filled it must be digitally signed by a Designated Partner from a professionally practicing Chartered Accountant/Cost Accountant/Company Secretary.


Step 5 – Filing for Incorporation & Conversion of Partnership into LLP:

For the Conversion of a Partnership Firm into LLP, both “LLP Form 2 and LLP Form 3” must also be filed. LLP Form 2 contains the incorporation document and the subscriber’s statement along with the following attached documents:

  • Proof of address of the registered office of the LLP.
  • The Subscribers’ sheet with consent.
  • In-principle approval of the regulatory authority, if required.
  • The Details of LLP(s) and/ or company(s) in which the partner/ designated partner is a director/ partner (if any).

LLP Form 3 contains the initial Limited Liability Partnership Agreement. This form can be filed once the Partnership Firm is converted into an LLP or while filing for the conversion of the Partnership Firm into LLP. The LLP Agreement must be attached to the LLP Form 3.


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.

    • Nowadays, many partnership firms are converting themselves into a Limited Liability Partnership, because it provides some amazing benefits like – limited liability protection, no maximum limits for the number of partners, ease of transferring ownership, etc.

FAQ

At least two partners are required for an LLP registration. There is no limit to the maximum number of partners. If you are the sole owner, you can register as a “One Person Company”.

Any individual/organization can become a partner in an LLP including foreigners/NRIs. However, the individual must be 18+ and should have a valid PAN card.

Our procedure is 100% online which means there is no compulsion for you to be present at our office physically. A scanned copy of documents can be sent to us via mail, and we will handle the rest. You will get the company incorporation certificate from MCA via courier at your business address.

We do not have any hidden charges. Our system is quite transparent. After making your payment, we will send you an all-inclusive invoice, with no hidden charges. Our team supports you till you get your LLP bank account.

You need to have a bank account with a minimum balance of Rs.5,000. You need not invest any more capital in starting the business. You need not even deposit this amount to the bank. You can also show that the capital has been utilized as the pre-incorporation expenses of LLP e.g., LLP registration expenses. You can also show that this capital has been infused in form of assets such as computers etc.

Yes, but only after he has been assigned with DIN/DPIN. However, at least one designated partner in an LLP must be a Resident of India. The foreign director can also be a majority shareholder in the company.

Yes, you can register your LLP at your residential address. It is perfectly legal to start the company at your home or in your garage. “MCA” team typically doesn’t visit your office. You just have to provide your home address proof such as a rent agreement or an electricity bill.

Yes, a salaried person can become a partner in an LLP. You need to check your employment agreement if it allows for such provisions. In most, cases employers are comfortable with the fact that their employee is a director in another company.

No, you cannot convert your LLP into a Private Limited Company. Both, the “LLP Act, 2008 and the Companies Act, 2013” do not have any provisions which allow the conversion of an LLP intoin to a “Private limited company”. However, if you want to expand your business, then you can register a new “Private Limited Company” with the same name as that of the LLP. The LLP Company just needs to issue a no-objection certificate (NOC).

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