CONVERSION OF PARTNERSHIP TO LLP:-
After introduction of LLP Act in 2008, many Partnership Firms have started to convert their Partnership Firm to LLP. The reasons of conversion are self-evident such as ability to take unlimited number of partners, separate legal entity, limited liability and ease of ownership transfer. Because of these advantages of LLP over Partnership, LLP has become very popular amongst small and medium sized businesses.
The Partnership Firm which wants to convert itself to LLP must be registered under Indian Partnership Act, 1932. Unregistered Partnership Firm can’t be converted to LLP. LLP incorporated by conversion of Partnership Firm to LLP must have same partners as they were in the Partnership Firm. Therefore it is suggested that the Partnership Firm should retire all the Partners who do not wish to be a part of LLP and if new partners are to be added, they should be added after the incorporation of LLP.
DOCUMENTS REQUIRED FOR THE CONVERSION OF PARTNERSHIP TO LLP:-
- PAN Card of all partners and the firm & Foreign nationals may provide passport.
- Aadhar Card/ Voter ID/ Passport/ Driving License of all partners
- Latest Passport size photograph of all partners.
- Electricity Bill/ Telephone Bill of the registered office address.
- No Objection Certificate to be obtained from the owner of registered office.
- Rent Agreement of the registered office should be provided, if any
- Certificate In case the partnership firm is registered, RoF certificate is compulsory.
NOTE:-In case of NRI or Foreign National, documents of partner must be notarized or apostilled.