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Partnership Firm into LLP

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Partnership Firm into LLP

Key Benefits:

  • A) Automatic transfer

    All the assets and liabilities of the firm immediately before the conversion become the assets and liabilities of the LLP.

  • B) No Stamp Duty

    All movable and immovable properties of the firm automatically vest in the LLP. No instrument of transfer is required to be executed and hence no stamp duty is required to be paid.

  • C) No Capital Gain Tax

    No Capital Gains tax shall be charged on transfer of property from firm to LLP.

  • D) Continuation of Brand Value

    The goodwill of the firm and its brand value is kept intact and continues to enjoy the previous success story with legal recognition.

  • E) Carry Forward and Set off Losses and Unabsorbed Depreciation

    The accumulated loss and unabsorbed depreciation of firm is deemed to be loss/ depreciation of the successor LLP for the previous year in which conversion was effected. Thus such loss can be carried for further eight years in the hands of the successor LLP.

Key requirements:

  • On Conversion, all the partners of the partnership firm shall become partners of the LLP in the same proportion in which their capital accounts stood in the books of the Firm on the date of the conversion.
  • Upto date filing of Income tax returns.
  • Consent of all the unsecured creditors for the proposed conversion.
  • The partners receive consideration only by way of allotment of shares in LLP.
  • Minimum 2 Designated Partners.
  • Atleast 1 of the designated partners shall be an Indian Resident.
  • The Partners and Designated Partners can be same person.
  • There is no concept of share capital, but there has to be some sort of contribution from each partner.
  • DIN (Director Identification Number) for all the  Designated Partners.
  • DSC (Digital Signature Certificate) for any one of the Designated Partners.

Steps involved in Conversion of Partnership Firm into LLP:

STEP NO. STEPS TIME FRAME
(Working Days)
1 Preliminary Documentation

Discussion between BMC Team & the Promoters of the Company:

  • Ascertaining document requirement and availability
  • Preparation of signing documents by BMC
  • Signing of the Incorporation documents by Promoters
  • Sending the Signed document by Promoters to BMC
5

(Varies by the response time taken by the Promoters)

2 DSC (Digital Signature Certificate)

Getting DSC for Designated Partners for digital authentication of the Incorporation documents

1
3 DIN (Director Identification Number)

Approved DIN is a pre-requisite for incorporation process

1
4 Preparation of Main Object & Name Availability Search
  • Preparation of Main Object by BMC
  • The Promoters have to provide atleast 6 (Six) names in the order of priority
  • To make an online search of availability of names as desired by the Promoters
  • Confirmation of the draft main object & the final name
3

(Varies by the response time taken by the Promoters)

5 Application for Name Availability
  • Filing of Form 1 with the concerned ROC
5
6 Incorporation Process:
  • After ROC's approval for name of the Company, filing all the Incorporation documents with the ROC
  • Online uploading of e-Forms
  • Payment of Registration fees
  • Receiving Incorporation Certificate
15
7 Post-Incorporation Process:
  • Drafting LLP Agreement by BMC
  • Confirmation of LLP Agreement by the Promoters
  • Stamping of LLP Agreement
  • Filing of Form 3
5

(Varies by the response time taken by the Promoters)

 

Testimonials

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Mr. Karthik Gowda
Founder, Kargsin Healthcare Pvt. Ltd.
Company/LLP
097654 90591
Trademark
097654 90218
ROC Services
097654 91781
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