The structure of Partnership Firm and Limited Liability Partnership is same except that the Limited Liability Partnership enjoys the limited liability and corporate existence in the eyes of the law. It is the hybrid of the Private Limited Company and Partnership firm.

Benefits of Conversion from Partnership firm to Limited Liability Partnership

Corporate Entity

With the incorporation, the Limited Liability Partnership enjoys the benefit of the Corporate entity like LLPIN, viewing of the LLP in the database of the MCA. Thus, giving more credibility to the LLP in comparison to the Partnership firm.

More compliances means more credit worthiness in the eyes of suppliers and customers

As the Limited liability partnership is administrated by the Ministry of Corporate Affairs. Hence, apart from the Income tax compliance, the LLP is subject to the filing under the MCA. Therefore, adding more credit worthiness in the eyes of the suppliers and customers as compared to the Partnership firms.

Documents required for Conversion

  • Self attested copy of PAN card from the Partners

  • Self attested copy of Identity proof from the Partners (AADHAR / Voter ID / Passport / Driving Licence)

  • Latest photograph of the Partners

  • Address proof of Registered business premises (Latest electricity bill / telephone bill)

  • Rent agreement in case the premises is leased or rented.

Steps for Conversion to LLP

Step 1 – Applying for the DSC of the Partners

Step 2 – Applying for the Name reservation

Step 3 – File the Incorporation documents with the ROC in Form 2

Step 4 – Get your LLP Incorporated certification after filing the Incorporation document in the respective LLP e form.

Step 5 – Within 30 days of the LLP incorporation, the LLP shall file the LLP agreement in Form 3