Partnership into Limited Liability Partnership (LLP)

Introduction

A Limited Liability Partnership (LLP) is a partnership in which some or all partners have limited liability. It therefore exhibits elements of partnerships and corporations. In an LLP, one partner is not responsible or liable for another partners misconduct or negligence. This is an important difference from that of an unlimited partnership. In an LLP, some partners have a form of limited liability similar to that of the shareholders of a corporation.

Conversion of Partnership Firm into LLP:

The existing partnership firm must be registered under Indian Partnership Act, 1932.

Process of conversion

Subscribers Statement in the e-form 2 is to be digitally signed by a person named in the incorporation document as a designated partner having permanent DPIN and also to be digitally signed by an advocate/company secretary/chartered accountant/cost accountant in practice and engaged in the formation of LLP.

- Search the name for approval and reserved

- Once the name is reserved by the Registrar, it is available for registration of LLP for three months.

- fill up Form-17 “Conversation partnership to LLP”

- Pay the prescribed registration fee as per the slab given in Annexure A of the LLP Rules, 2009, based on the total monetary value of contribution of partners in the proposed LLP

- On submission of completed documents the Registrar after satisfying himself about compliance with relevant provisions of the LLP Act will register the LLP, maximum within 14 days of filing of Form-17 and will issue a certificate of incorporation in Form-16.

Have separate legal entity?

Yes, have a separate legal entity like partnership

Minimum requirements to establish

Minimum 2 partners required

Name of establishment

First search the name and reserved for 3 months

Minimum Capital Required

No limit

Minimum & Maximum members required

Minimum 2 and no limit for maximum

Transfer to other

As per agreement

Registration required

Yes, under the Limited Liabilities Partnership Act 2008

Registration optional

Applicable some other registration-

- in Shop and Establishment act from the Municipal Corporation

- in GST if applicable by your turnover from the GST portal

- in PF & ESI from Provident Fund & Employees State Insurance Corporation

- in Fire Safety from Fire Department

- in FSSI as FSSI license etc

Required documents to starting business

- PAN of partners

- Aadhar of partners

- Passportsize photograph

- LLP Agreement or Memorandum & Rules

Bank Account

Open a bank current account just after registration of the LLP. Every transaction will be made through companys account instead of personal bank account.

For the opening of bank account following document required-

- A copy of registered agreement

- A copy of Incorporation Certificate

- DPIN authority

- Partners PAN & Aadhar

Winding up

As per mutual agreement.

Start your business within 3 days, we are ready to assist you

Step 1

Discussed with necessary formalities & registration process

Step 2

Apply for digital signature of partners

Step 3

Apply for DIN/DPIN (Directors Identification Number/ Designated Partners Identification Number)

Step 4

Apply for approval of the name of LLP

(The Ministry of Corporate Affairs will be the final authority to approve the name based on the availability rules and regulations)

Step 5

Draft Partnership Agreement

Step 6

Apply for registration with required documents

Step 7

Collect the Certificate of Incorporation

Step 8

Necessary meeting

Step 9

Complete other formalities

Step 10

Start your business with Legal Safe

Our experts will provides full assistance and professional guidance on many of the processes involved in registering your business, GST, import/export code, PF/ESI or Shops and Establishments License, draft any deed, accounting method, returns formalities & filing etc.

>> Convert your partnership into LLP at Rs. 9,999/- only <<

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