Conversion of Partnership Firm into Limited Liability Partnership

 

The procedures to convert an existing partnership firm to limited liability partnership (LLP) are provided below:
Key Requirements:

• The Partnership Firm should be registered under the Indian partnership Act 1932.
• All the partners of existing firm should become the partners of LLP
• Minimum 2 partners as Designated Partners and one of them should be Resident in India
• Digital Signature Certificate for one of the Designated Partners
• LLP (Limited Liability Partnership) Name
• LLP (Limited Liability Partnership) Agreement
• Registered Office for the existing partnership firm

Procedure of Conversion with Company Law Compliances:

• Approved DPIN (Designated Partner Identification Number) is a pre requisite for incorporation process. However if the partner is already holding a DIN, the same can be used for the purpose of DPIN;
• Application for name approval is to be made by filling Form 1. Consent of each of the partners of the firm for conversion of the firm into LLP shall be attached to Form;
• File e form 2 (Incorporation documents, statement of partners, registered office etc.);
• File e form 4 and form 9, wherein consent of each partner to become a partner of Liability Partnership and appointment of designated partner is to be provided;
• File application for conversion in Form 17 together with the statement of partners and required documents;
• File E – Form 3 (LLP Agreement) – this can be filed within thirty days from the date of registration;
• After verification, registrar will register all documents and issue Certificate of registration;

Upon registration of LLP, an intimation to be filed to the Registrar of Firms stating the fact that the firm is converted into LLP.