Partnership to LLP

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  • Conversion & ESOP

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PARTNERSHIP TO LLP

There are so many benefits of incorporating Limited Liability Partnership (LLP) instead of regular partnership Firm which are as follows:
  1. An LLP has a separate legal entity
  2. LLP has limited liability which is limited to the extent of their capital contribution
  3. Books of Accounts of LLP should be prepared according to the provisions of the LLP Act.
  4. There is no limit on the maximum number of partners.
  5. 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.

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.

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 Parnership Firm. And shall be Digitlly 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.

Documents Required

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

Subscriber Sheet Including Consent

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.

List of all the secured creditors along with their consent to the conversion

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