The partnership firm must be registered under Indian Partnership Act, 1932. If the firm is not registered under Indian Partnership Act, 1932 than the name of the Statute under which it is registered has to be mentioned at the time of conversion.
1. Requirement of Digital Signature: Partners in a Partnership Firm shall necessarily have Digital Signature as it will be required for filling up of various Forms. So the Partners shall make arrangement to obtain Digital Signature.
2. Requirement of DIN or DPIN: Partners registered in a partnership firm does not generally have DIN (Director Identification Number). DIN is a unique number issued by the Central Goverment. This number is issued to a person only once and can be used by the person through out this life without any compliance.
3. Name Approval: After the DIN availability process is over, person can apply for the Name reservation of the proposed LLP through Ministry of Corporate Affairs. The Reservation of the name of the LLP must be obtained before filing the forms for conversion of the Partnership Firm into LLP. As when we will file Form-17 (for conversion) SRN will be required of the Name Reservation (RUN) of LLP.
4. Filling of 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 the Form- Fillip.
Documents and information required for Form- Fillip:
i) Name of Proposed LLP
ii) DSC of Designated Partners
iii) Capital of Proposed LLP and Contribution of Proposed Partners
iv) Phone No. and E-Mail Id of Proposed Partners
v) Voter Id Card/Driving Licence/Passport of Proposed Partners
vi) Latest Utility Bill (Not Older Than 2 Months)(for Registered Office)
vii) Registered Office Proof (Index-2/ Allotment Letter/ Possession Letter/ Sale Deed/ Rent Agreement)
viii) PAN of all Designated Partners/ partners
ix) Bank Statement of Designated Partners/ partners
Attachments for Form Fillip:
5. Filling of Form-3: Information with regard to limited liability partnership agreement and changes, if any, made therein.
6. Filling of Form-17: Application and a Statement of the Conversion of Partnership Firm into LLP (Limited Liability Partnership) i.e., 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
Attachments in Form-17:
*On successful conversion of Partnership firm into LLP, the Registrar would then issue a Certificate of Incorporation of LLP and all the properties, assets, interests, rights, privileges, etc. of the firm are now transferred to the LLP. In other words, the complete undertaking of the firm is transferred to the LLP.
However, any approvals/permit/license that is issued under any law to the Partnership Firm will not be automatically transferred to the Limited Liability Partnership. Therefore, fresh licenses or any registrations may be required. This aspect of conversion of a Partnership into LLP must be well considered before the conversion process.