Regitimate AdvisorsRegitimate AdvisorsRegitimate Advisors

Partnership to LLP

  • Home
  • Partnership to LLP

There are so many benefits of incorporating Limited Liability Partnership (LLP) instead of regular partnership Firm which are as follows:

An LLP has a separate legal entity.
LLP has limited liability which is limited to the extent of their capital contribution.
Books of Accounts of LLP should be prepared according to the provisions of the LLP Act.
There is no limit on the maximum number of partners.
All designated partners of the LLP should have a Digital Signature which is a prerequisite for e-filing.
But in some cases, due to lack of adequate knowledge about LLP businessmen consider the formation of Partnership Firm instead of LLP. In such a scenario, they have an option to convert their Partnership Firm into a Limited Liability Partnership.
Eligibility:

Though under Partnership Act 1932, it is not mandatory to register a partnership firm, for conversion it is compulsory to get the Partnership Firm Registered.

Procedure of Conversion:

Digital Signature Certificate:

Persons who are to be appointed as Designated Partner must have Digital Signature Certificate because now all the filings of LLP is done electronically hence DSC is essential.

Designated Partner Identification Number (DPIN) OR DIN:

Partners must have a unique number which is known as DPIN or DIN. For such DPIN or DIN separated application can be made prior to incorporation or at the time of incorporation in Incorporation Form.

RUN:

File web based Form RUN for the purpose of reservation of name for the company.

Form Fillip:

Form for Incorporation of Limited Liability Partnership. If the partners does not have DIN we can apply for application of DIN (Maximum 2) in this Form.

Form 3:

Information related to limited liability partnership agreement and changes, if any, made therein.

Form 17:

This form includes a Declaration by a Partner of the Partnership Firm. And shall be Digitally Signed by a Partner and Certified by a Company secretary in whole time practice/Chartered accountant in whole time practice/ Cost accountant in whole time practice.
Benefits of Conversion:

Apart from the key differences, there are a few features that make the LLP a more desirable option over a standard partnership firm.

Perpetual Succession:

In the case of LLP, the death of the partner does not affect its existence. The separate legal entity feature of the LLP allows it to carry on business even after the death of a partner.

Flexibility:

The partners have reasonable flexibility in conducting business operations. The LLP Agreement is not mostly influenced by the Limited Liability Partnership Act, 2008, which means the Act is flexible on how the agreement can be drafted.

Multidisciplinary LLPs:

Professionals of various disciplines can work together in an LLP, which is an exclusive feature and an advantage in itself.

Better Investment Opportunities:

As compared to traditional partnerships, foreign investors and venture capital funds look at LLPs as an investment opportunity as it has a corporate structure and is more organized.
Documents required for Partnership to LLP:
Voter Id Card/Driving Licence/Passport of Proposed Partners.
Latest Utility Bill (Not Older Than 2 Months)(for Registered Office).
Registered Office Proof (Index-2/ Allotment Letter/ Possession Letter/ Sale Deed/ Rent Agreement).
PAN of all Designated Partners/ partners.
Bank Statement of Designated Partners/ partners.
List of all the secured creditors along with their consent to the conversion.
Proof of Address of Registered Office of the LLP which includes NOC of the Owner.
Proposed Main Object.
Details of LLP or Company if the proposed Designated Partner /Partner is Director or Partner of any other Company or LLP respectively.
Statement of Assets and Liabilities of the firm duly certified as true and correct by the Chartered Accountant in practice.
Copy of acknowledgement of latest income tax return.
Subscriber Sheet Including Consent.
Frequently Asked Questions (FAQ's):
How can Regitimate help me with company registration?

We assist in the entire company registration process, from choosing the right business structure to preparing and filing the necessary documents. Our experts will guide you through the process to ensure compliance with all relevant laws and regulations.

Are your services available to individuals and businesses of all sizes?

Yes, we cater to both individuals and businesses, regardless of size. Our services are designed to meet the needs of startups, small and medium-sized enterprises (SMEs), and large corporations.

What compliance services does Regitimate provide?

Regitimate helps your business stay compliant with various regulations and requirements, such as annual filings, licenses, permits, and more. We offer ongoing support to ensure your business operates within the legal framework.

Can Regitimate handle my tax filings?

Yes, we offer tax filing services to individuals and businesses. Our tax experts will ensure accurate and timely filing to help you minimize your tax liability while remaining compliant with tax laws.

How does Regitimate assist with Intellectual Property (IP) services?

Our IP services include trademark registration, patent filing, copyright protection, and IP strategy development. We help safeguard your intellectual property assets and provide legal guidance in case of infringement issues.

What types of legal documentation does Regitimate prepare?

We can help you with a wide range of legal documentation, including MOU’s, Agreements & Wills. Our legal experts ensure that your documents are well-drafted and legally sound.

What property-related services does Regitimate offer?

Our property-related services cover property transactions, lease, property registration & verification, Succession & Legal Heir Certificate.

How can I get started with Regitimate services?

To get started, simply contact us through our enquiry form, email, or phone. Our team will assess your needs and guide you through the process of selecting and customizing the services that best suit your requirements.

Are your fees competitive, and do you offer customized service packages?

We offer competitive pricing for our services, and we can create customized service packages tailored to your specific needs and budget. Contact us for a personalized quote.

Is Regitimate compliant with data protection and confidentiality standards?

Yes, we take data protection and confidentiality seriously. We adhere to all relevant data protection laws and have strict confidentiality measures in place to safeguard your sensitive information.

How can I reach Regitimate's customer support for assistance?

You can reach our customer support team by visiting our website's contact page, sending an email, or calling our dedicated customer support hotline.