Limited liability partnership is a form of legal business entity with limited liability. It is an alternative corporate business vehicle that not only gives the benefits of limited liability at low compliance cost but also allows its partners the flexibility of organising their internal structure as a traditional partnership. The LLP is a separate legal entity and, while the LLP itself will be liable for the full extent of its assets, the liability of the partners will be limited.
An LLP is a separate legal entity that gives the benefits of limited liability of a company and the flexibility to organize the internal structure as a partnership. That’s why Many Companies and Partnership Firms want to voluntarily Convert into LLP because LLP contains elements of both ‘a corporate structure’ as well as a partnership firm structure.
The following documents have to be attached along with the application for conversion of the company into LLP:
From Proposed Designated Partners –
A Private Limited Company can only apply for conversion when the following eligibility criteria are met –
In Second Step, companies have to obtain DIN for Directors and DSC for all the members of the company who shall become the partners of the company as all the forms for conversion shall be signed digitally.
After the Board Resolution Company has to Reserve Name for an LLP and the RUN LLP form shall be filed with the MCA.
After the Approval of the Name of Proposed LLP, the applicant is required to file the FiLLiP Form along with Form 18 before the MCA for the conversion of Pvt. Ltd. into LLP.
After the Authorization of Registrar and the Companies Application complies with the provisions of the LLP Act, 2008 and the Companies Act, 2013 then the Registrar shall accept the form and send the certificate of Incorporation to the applicant.
Once the Registrar of LLPs has sent the Certificate of Incorporation then the next step is to intimate about such conversion to the Registrar of Companies within 15 days in Form 14 from the date of conversion.
After that LLP shall file the LLP Agreement by filing Form 3 within 30 days from the date of conversion before the MCA in a prescribed manner.
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