There are no limitations in terms of citizenship or residency to be a Partner. Therefore, the LLP Act, 2008 allows Foreign Nationals, including Foreign Companies & LLPs to incorporate LLP in India; provided at least one Designated Partner is a resident of India. However, the person should be of age 18 years or above i.e. not a minor and competent to enter into a contract. Also, the proposed Designated Partner shall have DIN.
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Partnership to LLP
After introduction of LLP Act in 2008, many Partnership Firms have started to convert their Partnership Firm to LLP. The reasons of conversion are self-evident such as 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 Indian Partnership Act, 1932. Unregistered Partnership Firm can’t be converted to LLP. LLP incorporated by conversion of Partnership Firm to LLP must have 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 LLP and if new partners are to be added, they should be added after the incorporation of LLP.
Why to Convert Partnership Company to LLP
A Limited Liability Partnership (LLP) may prove to be a much superior business structure than a regular partnership. LLP have minimal compliances, tax benefits, limited liability, separate legal entity, no audit requirements below a certain capital, no cap with regard to the number of partners etc.
Nowadays partnership firms are being converted into a Limited Liability Partnership (LLP). LLP offers a bunch of great features such as limited liability protection, transferability, unlimited partners, survivability etc., making LLP structure more attractive than a partnership firm. List of other benefits is as below.
a) Private assets remain secured in LLP
b) It’s easy for LLP to raise funds
c) Great tax advantages as compared to partnership
d) No minimum capital requirement
Convert Partnership Company to LLP Online Process
Documents Required For Convert Partnership Company to LLP
Requirements & Benefits of Conversion
Benefits
An LLP offers a bunch of great features such as limited liability protection, transferability, unlimited partners, survivability, etc., making LLP structure more striking than a partnership firm
Private assets remain secured in an LLP
It’s easy for an LLP to raise funds
Great tax advantages as compared to the partnership
No minimum capital requirement
Requirements for Conversion
Partners of the partnership firm will remain the partners in new LLP, and those who do not wish to continue to be the partner in LLP should retire
New partners who want to add themselves in LLP, should be added after the incorporation of LLP
All the designated partners should be updated with their income tax returns
All designated partners must apply for DSC
All designated partners must apply for DIN or DPIN
All designated partners must make contributions
All creditors must give their consent for conversion
FAQ
Director Identification Number is a unique number assigned by the Ministry of Corporate Affairs to Individuals on application made which allows any individual to be a Director in any Company or Designated Partner in LLP. Further, the concept of DPIN (Designated Partner Identification Number) does not persist anymore with respect to incorporation of LLP.
LLP name is reserved through an online form. In accordance with the prescribed regulations, the partners can provide a maximum of 6 names in preferential order to reserve any one. The Registrar may ask to re-submit the application with a different name if given names do not fall under criteria of uniqueness, relevancy or do not fulfill the other requirements.
No. There is no minimum amount prescribed to form an LLP. It can start off with any amount of capital demanded by the business. Although there is no minimum requirement, every partner must make a contribution to LLP. The amount of capital contribution is disclosed in the LLP Agreement and amount of stamp duty to be paid is decided by total contribution amount.
Basic
RS. 6499
- Name Search & Approval
- Convert A Partnership To LLP
- Digital Signature
- Filing LLP Form 17
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- Name Search & Approval
- Digital Signature
- DIN Or DPIN
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