Private Limited Into LLP

OPC provides a whole new bracket of opportunities for those looking to start their own ventureA limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities.

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    Private Limited Into LLP

    Limited liability partnership is a combination of both partnership and corporation. It has the feature of both these forms. As the name suggests partners have limited liability in the company which means that personal assets of the partners are not used for paying off the debts of the company. Nowadays it has become very popular form of business as many entrepreneurs are opting this. All limited liability partnership is governed under the limited liability partnership act of 2008.

    Documents Required For Private Limited To LLP

    • Approval of name
    • Securing DSC and DIN
    • Filing form no. URC – 1
    • Memorandum of Association & Articles of Association

    Process For Private Limited To LLP

    All the partners are required to get DPIN(Designated Partner Identification Number). DIN can be used if a partners possesses DIN.

    Digital Signature Certificate should be obtained and should be registered with the LLP Application.

    Name approval should be obtained from Ministry of Corporate Affairs Application.

    Application for conversion has to be made in E-form 17 along with necessary documents.

    Once certificate of registration of LLP is issued, concerned LLP shall within 15 days from the date of registration inform the concerned Registrar of Firms with whom the erstwhile firm was registered about such conversion to that line of business.

    What’s included in package?

    Frequently Asked Questions

    What is the validity period of the name approved for LLP?

    The approved name of LLP shall be valid for a period of 3 months from the date of approval.

    Can a LLP undertake Not-for-Profit activities?

    No. One of the requisite of an LLP is to carry on business for profit.

    Will the assets and liabilities of the firm be transferred automatically to LLP?

    All tangible as well intangible property vested in the firm, all assets, interests, rights, privileges, liabilities, obligations relating to the firm and the whole of the undertaking of the firm shall be transferred to and shall vest in the LLP without further assurance, act or deed.

    What are the compliance requirements for LLPs?

    Every LLP is required to maintain annual accounts reflecting true and fair view of its state of affairs. A statement off accounts and solvency shall be filed by every LLP with the registrar of LLP every year.

    When is an LLP required to get its books audited?

    If the LLP has a turnover of Rs.40 lakhs or more and/or has a capital contribution of Rs.25 lakhs or more, the financial statements should be audited..

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