LIMITED LIABILITY PARTNERSHIP

LLP is a unique form of legally recognized corporate entity, which integrates the features of both the limited corporations and the traditional partnership firms. As it is a unique Hybrid Combination of both Company and Partnership, this LLP is especially suitable for small to medium-sized business enterprises and professionals particularly

STEPS Conversion of Company to Limited Liability Partnership

  • Obtain DIN No of all proposed Designated Partner/ Partner.

DIN Application Procedure

  • Self attested Pan Card
  • Self attested Address Proof
  • Same is to be attached in DIN Form after attestation of Professional.
  • DSC of the applicant as well as Professional is required to be attached.
  • Form 1 is to be filed first for Conversion of Company into LLP

Attachment of Form 1:

  • Board Resolution for conversion is to be attached
  • We shall receive the Name Approval Certificate once  the form is approved of the same.
  • Form 18 & 2 is required to be filed under Linked Form.

Attachment of Form 18

  • Consent of Shareholders
  • Annual set of Accounts not older then 30 days from date of filing.
  • Latest Acknowledgment of ITR Return
  • Declaration stating that Company shall not borrow funds as per RBI Act, SEBI Act and Companies Act, 2013 until Company gets converted into llp.

Attachment of Form 2

  • Address Proof not older then 2 months.
  • NOC from the Owner of Premises to use the premises as Registered office Address Proof
  • Subscribers Sheet (Hand written)
  • We shall receive the Certificate of Incorporation with the approval of Form 18 & 2.
  • Filing Form 3 is the last Form for Conversion of Company into LLP

Attachment  of Form 3:

  • LLP Agreement.
  • With this the Process of Conversion from Company to LLP is completed.

Key Points

  • Audit is required if Turnover is above 40 Lacs or Contribution is more than 25 Lacs
  • Two Annual Form has to be filed i.e.
  • Form 8 (Annual set of Accounts)
  • Form 11(Annual Return)
  • No Registers are required to be maintained.
  • Minimum 2 designated partner are required.

Note: It may be noted that it has been clarified by the Ministry of Corporate Affairs that a HUF or its Karta cannot become partner or designated partner in LLP.

Author Bio

More Under Corporate Law

Posted Under

Category : Corporate Law (3760)
Type : Articles (16241)
Tags : LLP (205)

Leave a Reply

Your email address will not be published. Required fields are marked *