Procedure for conversion Partnership Firms to LLP (Limited L

CA Shree Jain (Chartered Accountant) (1572 Points)

12 June 2010  

PARTNERSHIP firms to LLP (Limited Liability Partnership)

The precondition for conversion for your partnership firm is:

1.      Partnership should be a registered under Indian partnership Act 1932

2.      All the partners of existing firm should compulsorily become the partners of LLP

3.      Minimum 2 partners as Designated Partners and one of them should be Resident in India.

4.      Digital Signature Certificate for one of the Designated Partners.

5.      LLP (Limited Liability Partnership) Name.

6.      LLP (Limited Liability Partnership) Agreement

7.      Registered Office for the existing partnership firm

Procedure for conversion

1.       Obtain name approval for LLP (Limited Liability Partnership)

2.       Application for conversion of firm to LLP in Form 17

3.       File the following forms along with a statement by all partners with registration number and date of registration of the firm.
Form 2 : Details of partners, registered office etc

Form 4 : Consent of Partners – Consent of each partner to become a partner of Liability Partnership
Form 3 : LLP agreement – this can be filed with in 30 days from the date of registration

4.       After verification, registrar will register all documents and issue Certificate of registration

5.   Upon registration of LLP, file an intimation to the Registrar of Firms stating the fact that firm is converted into LLP