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Limited liability partnership is more beneficial than a normal partnership firm. There is more compliance to follow but liabilities are limited which secures the partner’s liability. This conversion is advantageous as it has the company’s corporate structure and the flexibility of the partnership. This decision to convert of partnership firm to an LLP is good strategically to secure the partners' rights and limit liabilities.
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The liability in LLP is limited to the contribution by partners in the agreement. Even in case the company gets in debt or get bankrupt the loss is not delegated to the partners.
The partnership firm does not have any separate legal entity. So if any partner dies or leaves the firm then the partnership stop to exist. In case of LLP it has separate legal entity.
LLPs save on dividend distribution tax, minimum alternative tax and income tax as interest and fees are paid to partners as directors' salaries.
Raising capital is easier as LLP because it allows the partner to participate without any accountability.
PAN CARD of Directors and Members
Passport If NRI or Foreign National
Aadhar/Driving License/Voter Id of Directors and Members (As identity Proof)
Bank Statement/Electricity or Gas Bill/Telephone or Mobile Bill (As Address Proof)
Passport Size Photograph of Directors and Members
Business Address Proof:
Latest Electricity Bill/Water Bill/Telephone or Mobile Bill
If Rented: Rent Agreement and NOC from the Property owner
If Owned: Copy of Property Papers
Note : *In case of NRI or Foreign National the documents of Directors and Shareholders must be Notarized or Apostilled.
The process of converting a partnership to an LLP typically involves drafting and filing articles of conversion with the appropriate state agency, as well as updating any business licenses and registrations to reflect the change in business structure.
The specifics of converting a partnership to an LLP may vary depending on state laws, but generally, the consent of all partners is required for the conversion to take place.
Converting a partnership to an LLP may have tax implications, depending on the specific circumstances of the business. It is best to consult with a tax professional to determine the potential impact on your business.
The time it takes to convert a partnership to an LLP can vary, depending on the specific circumstances of the business and the state in which it is located. It is advisable to consult with a professional to get an estimate.
The specific process of converting an LLP back to a partnership may vary depending on state laws, but generally it's possible to convert an LLP back to a partnership with the correct legal and compliance steps.
There may be fees associated with converting a partnership to an LLP, such as filing fees and professional fees for legal or accounting services. It is best to consult with a professional to get an estimate of the costs involved.