I am engaged in setting up a new entity registered as a Private Limited Company in 2007. At present there it is under Construction and will be operational in next financial year. So at present the company has no reserves and profit.
I like to know that is it possible to convert such company into LLP as there is lesser statutory compliance and no Dividend Distribution Tax on LLP. Is it possible now to convert as the company has at present 1.5 crore issued share capital and 1.5 crore as Term Loan taken from Bank?
CAclubindia
