LLP to Private Limited Company

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LLP to Private Limited Company Registration in Jaipur

 

The limited liability partnership in India was introduced through the LLP Act, 2008. The basic idea behind the adoption of the LLP is to provide a structure that is easy to maintain and reduce debt compared to the ownership structure alone. LLP combines the benefits of both the Company and its partnership firmly into one organizational form and provides a unified structure. Therefore, converting a one-off deal into an LLP is a good business decision. Under the LLP, one partner is not responsible or liable for another person's misconduct or neglect. LLP also provides for the protection of limited liability of owners from LLP debts. Therefore, LLP is very popular with professionals, Micro and small family owned or closely managed businesses

 

Benifits

  1. Sperate Legal Entity

    A limited liability partnership is a separate legal entity, and its existence is unique to its partners, unlike a typical joint venture company. This results in the possession and entering into agreements on behalf of the LLP or suing a third party in the event of a dispute.

  2. Limited Liability

    Partner debt is limited to the level of financial contribution allowed by the partners to the LLP agreement. LLP's loss or liability cannot be shared with its affiliates or during liquidation of the LLP. In addition, the other spouse is not held responsible for the negligence or misconduct of the other spouse.

  3. Easy to Operate

    The LLP is controlled and operated in accordance with the LLP Agreement. It is the partners who decide how an LLP can operate and separate roles and responsibilities. Therefore, it is a highly flexible structure and partners are free to set their own rules of administration that are not possible in other business units.

  4. Less Compliance Required

    Compared to a private company, there is a lower compliance requirement in the case of LLP, including the need for audits. The need for formal assessments arising from reaching a certain level of income or contribution. In addition, such provisions as the meeting of the partners, working on decisions are renewable and are not mandatory in all cases.

 

Procedure

 

  • Step-1 Digital Signaure of Partners 

    The first thing you need to do while converting a partnership to LLP is to obtain a DSC (Digital Signature Certificate). All partners will need a digital signature.

  • Step-2 Allotment of DIN/DPIN 

    Then get DPIN (Selected Identity Number). It is also mandatory for at least two partners to proceed with the conversion. It's a one-time number. No renewal or anything related.
  • Step-3 Name Approval

    Next, apply for name approval. One tricky part. The name should be chosen carefully. The Affiliate Partnership will be used at the end of the company name. name can be reserved under RUN-LLP.
  • Step-4 Filing of Fillp

    We have to file Form Fillp for Incorporation of LLP and also DPIN for 2 partner can be obtained through this form.
    • Proposed Name of LLP
    • DSC of Designated Partners
    • Capital of Proposed LLP and Contribution of Proposed Partners
    • Phone No. and E-Mail Id of Proposed Partners
    • 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
  • Step-5 Filing of Form 3

    A copy of LLP Agreement needs to be filed in Form 3 within 30 days of Incorporation date.

  • Step-6 Filing of Form 17

    Application and Statement of Conversion of Firm Partnerships to LLP (Limited Liability Partnership) i.e., Form 17. This form includes the Parnership Firm Partner Declaration. Also signed by Digitlly by a Partner and Confirmed by the Company Secretary throughout the execution of the Chartered Accountant / Accountant throughout the Operations / Expense Account on a full-time account

    1. Statement of consent of the firm's partners.
    2. Statement of Assets and Liabilities of a company that is certified as authentic and accurate by the applicable Chartered Accountant.
    3. Copy of recent income tax return.
    4. List of all secured creditors and their consent to conversion.

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