Partnership firm to LLP

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why to convert from Partnership firm to LLP?

There are various business structures to carry out a business activity. As an entrepreneur, you have to choose by analysing the benefits, requirements, disadvantages, compliance, etc. of the business structure. Talking about a partnership firm in India, one of the biggest drawbacks of this business structure is the unlimited liability of its partners. This feature leads the personal assets of the partners at risk.
To avoid such trouble, a new concept known as “Limited Liability Partnership or LLP” was introduced in India in April 2009 under the Limited Liability Partnership Act, 2008 featuring limited liabilities of the partners. It is a combination of both a partnership and a company. Thus, LLP is becoming popular as it has features of 2 business structures, i.e. A partnership and a company.

Table Of Contents

Advantages of LLP

Disadvantages of LLP

Critical features of LLP

Documents required for such conversion

For Designated Partners:

Identify the two designated partners (or more) and submit their documents as given below.

For Registered Office

Process Flow

At ICI, LLP registration process becomes seamless along with your coordination. Just fulfil the checklist provided by our team along with the specified required documents. The registration procedure shall be completed in the following five steps:

FAQs

a. What is an LLP Agreement?

An LLP agreement is made between the partners and the LLP regarding the relationship between the individual partners in the LLP. An LLP agreement usually consists of management policies, the inclusion of new partners, policy-making strategies, and so on.

b. Who is eligible to become a designated partner in an LLP?

Only an individual having a sound mind can become a designated partner in an LLP.
However, any individual, or any company or an LLP, can become a partner.

c. How many partners are required to incorporate an LLP?

To incorporate an LLP, a minimum of two people are required. An LLP must have a minimum of two partners and can have a maximum of any number of partners.

d. What is DPIN?

Designated Partner Identification Number (DPIN) just like a Director Identification Number (DIN) is a unique identification number assigned to all existing and proposed designated partners of an LLP. It is mandatory for all present as well as proposed designated partners to have a DPIN. DPIN has life-long validity, and a person can have only one DPIN.

e. Still have doubts?

Speak to our experts who shall solve all your doubts.
Call us at  +91 7738 066 334  or Mail us at info@indiacompanyincorporation.com

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