Partnership To LLP

Conversion of Company from Partnership to LLP: Overview

The conversion of a company from a partnership to a Limited Liability Partnership (LLP) is a legal process that provides the partnership with the benefits of limited liability, separate legal entity status, and flexibility in management. This conversion is regulated by the Limited Liability Partnership Act, 2008.

Process:

• Partners’ Agreement: All partners need to agree to convert the partnership into an LLP. The terms of the LLP, such as the LLP agreement, capital contributions, and profit-sharing, should be decided and documented.
• Reservation of Name: Reserve a name for the LLP with the Registrar of Companies (ROC) and ensure it complies with the naming guidelines.
• Incorporation Document Submission: File the LLP Agreement and other required documents, including Form 2 (Incorporation Document) and Form 3 (Details of LLP), with the ROC.
• Consent of Creditors: Obtain consent from all existing creditors of the partnership for the proposed conversion.
• No Objection Certificate (NOC): Obtain a No Objection Certificate (NOC) from relevant regulatory authorities, if applicable.
• LLP Incorporation Certificate: Once the ROC is satisfied with the documents, they will issue the Certificate of Incorporation for the LLP.
• Application for PAN and TAN: Apply for the Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) for the newly formed LLP.
• Transition of Assets and Liabilities: Transfer assets and liabilities from the partnership to the LLP as per the agreed terms.

Documents Required:

• LLP Agreement
• Form 2 (Incorporation Document)
• Form 3 (Details of LLP)
• Consent of Creditors
• No Objection Certificate (NOC)
• Address proof, identity proof, and photographs of designated partners

Why Hire Lawtech for This Service:

• Legal Expertise: Lawtech brings legal expertise in business laws and can guide you through the legal requirements of converting a partnership to an LLP.
• Documentation Support: Assisting in the preparation and submission of all required documents, ensuring compliance with the LLP Act, 2008.
• Customized Solutions: Tailoring the LLP agreement and other documents to meet the specific needs and preferences of the partners.
• Compliance Assurance: Ensuring that the conversion process complies with all statutory and regulatory requirements.
• Timely Execution: Efficiently managing the conversion process to meet all deadlines and avoid delays.
• Transition Planning: Providing assistance in the smooth transition of assets and liabilities from the partnership to the LLP.
• Post-conversion Compliance: Guiding through post-conversion compliance requirements applicable to LLPs.
• Conflict Resolution: Addressing any legal issues or conflicts that may arise during the conversion process.

By engaging The Lawtech for the conversion of your company from a partnership to an LLP, you benefit from professional legal support, ensuring a seamless and legally compliant transition.