Conversion of Partnership Firm into a LLP
*The price is exclusive of any amount payable to Government/Regulatory Authorities and GST.
Services covered :
- Drafting Partnership Deed
- LLP Incorporation
- DIN Application for all Partners
- PAN and TAN Application
- GST Registration
- PT Registration for company incorporated in Maharashtra
Documents Required :
- PAN Card
- PAN Card Of Shareholders And Directors. Foreign Nationals Must Provide A Passport.
- Identity Proof
- Voter ID/ Passport/ Driving License Of Shareholders And Directors
- Address Proof
- Telephone Bill /Electricity Bill/ Latest Bank Account Statement Of Shareholders And Directors
- Latest Passport Size Photograph Of Shareholders And Directors
- Business Address Proof
- Latest Electricity Bill/ Telephone Bill Of The Registered Office Address
- Financial Statements
- Duly Certified Copy Of Latest Audited Financial Statements
- Copy Of ITR
- A Copy Of Latest Income Tax Return Filed By The Partnership Firm.
- Partnership Deed
- Copy Of Partnership Deed To Be Provided
What are the Minimum Requirements for the Conversion of Partnership into LLP?
A Partnership Firm needs to consist of the same number of partners that were present in the original Partnership.
Is it compulsory for a Partnership Firm to have the same number of members at the time of Conversion?
Yes, it is compulsory for a Partnership Firm to have the same number of partners at the time of Conversion.
How to Reserve a name for the LLP?
The partners of a firm can reserve an LLP name by filing an online form. According to law, partners can give a maximum of six names in a preferential order to reserve anyone. The Registrar may also ask to re-submit the application with a different name. The same is possible when the given name does not fall under the ambit of uniqueness, relevancy, etc.
What is the Minimum Capital Requirement for LLP Registration?
No, there is no minimum amount specified to form an LLP.
What will be the treatment for the capital contributed by the partners?
The amount contributed by each designated partner will be disclosed in an LLP Agreement.
The term DIN stands for Director Identification Number. It is a unique number allotted by the MCA to Individuals on the application made which permits an individual to be a Director in a Company or LLP.
Is DPIN required for LLP Registration?
The concept of DPIN or Designated Partner Identification Number does not exist anymore regarding the incorporation of LLP.
What are the Prerequisites to be a partner for LLP Incorporation?
All the partners of an LLP must be above 18 years and competent to enter into a contract. Also, all the proposed Designated Partners must have DIN.
What are the restrictions imposed regarding the Citizenship of a Designated Partner?
There are no restrictions regarding the citizenship or residency of a Partner. That means Foreign Nationals, Foreign Companies and LLPs can incorporate an LLP in India. However, they must have at least one Designated Partner as the resident of India.
What is a Limited Liability Partnership Agreement?
An LLP Agreement is an agreement executed by all the partners after the Incorporation of an LLP. This agreement specifies all the clauses concerning business; including the role, rights, duties, and obligation of partners.
Is there a need to file LLP Agreement with the MCA?
An LLP agreement must be filed within thirty days of the issuance of a Certificate of Incorporation. However, in case of failure, an additional fee of Rs 100 per day will be charged until the date of filing.
Can the same name be used for the Newly Incorporated LLP?
The basic aim behind any conversion is to maintain the brand identity in the Market. For incorporating an LLP under the original name, it is necessary to attach a valid proof. The term valid proof denotes a document that corroborates the claim of use of the brand name by the firm.
Who is authorised to register an LLP and Partnership Firm in India?
The Ministry of Corporate Affairs (MCA) is responsible for registering an LLP firm in India. In contrast, the Registrar of Firms (ROF) is authorised to register a Partnership Firm.
Can an LLP have less partners than the actual Partnership Firm?
No, an LLP cannot have more or less partners than the actual Partnership Firm.
When can an LLP change the number of its partners?
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