Partnership to LLP in Bangalore

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Overview

The shift from traditional partnerships to Limited Liability Partnerships (LLPs) has increased in recent years. The reason behind this is that LLPs offer more flexibility, unlimited partners and the like. But the real driving force behind the shift is due to the fact that LLPs offer a major advantage in terms of limited liability. The strain on the personal assets of the partner is put to rest when it comes to LLPs since they are a hybrid of both a partnership and a private limited company. Small and medium-sized businesses find this type of organization structure to suit their needs very well.

Process

Step 1 – Name Approval and DSC
a. Name Approval
b. Digital Signature Certificates

Step 2 – Filing of the Forms with the RoC
a. Form 17 (Application and Statement for conversion of a firm into LLP)
b. Form FiLLiP (Form for incorporation of LLP)

Step 3 – Issue of Registration Certificate

Step 4 – LLP Agreement

Step 5 – Intimation to the Registrar of Firms

Conditions for Converting :

The conversion of a partnership firm to LLP shall be done as per Section 55 of the Limited Liability Partnership Act 2008 read with Schedule II of the Act.

All the partners of the firm shall be the partners of the LLP, which means there shall be no new partners or the existing partners cannot cease to be partners while making the application
It is mandatory for all Partners to hold a valid Digital Signature Certificate (DSC) and at least two partners must have a DPIN before making such an application.
The partnership firm to be converted must be registered under the Partnership Act, 1932.
All the partners’ consent must be obtained.
The LLP must have the same partners as that of the partnership firm. Any partner that wishes to be removed from the LLP may be removed after the conversion is complete.
Director Identification Number (DIN)/Designated Partner Identification Number (DPIN) must be obtained for all Designated Partners.

How to Register?

The Registrar, on receiving the relevant documents, may accept or refuse to register the LLP. If all documents are found correct in accordance with the provisions of the act, the Registrar shall issue a certificate of registration. The LLP will in less than 15 days of registration inform the Registrar of firms with which it is registered in Form 14. In the event of a refusal of registration by the Registrar, an appeal can be made with the tribunal.

Documents Required

A statement shall be filed by all the partners with the Registrar, stating the name and registration number (if any) and the date on which the firm was registered under the Indian Partnership Act 1932 or any other law.
The incorporation document along with the statement in the prescribed form made by a chartered accountant/company secretary/cost accountant/advocate who is engaged in the formation of the LLP and anyone else who subscribed to the incorporation document shall be filed with the Registrar stating that all the requirements in respect of incorporation have been complied with.

Why Bizivalue ?

Perpetual Succession: Unlike in the traditional partnership, the death of the partner does not affect the existence of the LLP. The separate legal entity feature of the LLP allows it to carry on business.
Freedom of Management/Flexibility: The partners are given a reasonable level of flexibility in conducting the operations and running the day to day affairs of the LLP. The LLP Agreement is not mostly influenced by the Limited Liability Partnership Act, 2008, which means to say that the Act is comparatively flexible on how the agreement can be drawn up.
Investment Attraction: Foreign investors and venture capital funds look at LLPs as an investment opportunity as it has a corporate structure and is more organised as opposed to traditional partnerships.
Multidisciplinary LLPs: Professionals of various disciplines can work together in an LLP, which is an exclusive feature and an advantage in itself.

Faqs

What are the rules for picking a name for a private limited company?

The registrar of companies (RoC) across India expect applicants to follow a few naming guidelines. Some of them are subjective, which means that approval can depend on the opinion of the officer handling your application. However, the more closely you follow the rules listed below, the better your chances of approval. First, however, do ensure that your name is available.

How much time is needed for setting up a private limited company in India?

If you have all the documents in order, it will take no longer than 15 days. However, this is dependent on the workload of the registrar.

Do I need to be physically present during this process?

No, new company registration is a fully online process. As all documents are filed electronically, you would not need to be physically present at all. You would need to send us scanned copies of all the required documents & forms.