Conversion of Partnership firm into LLP in Bangalore

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					    Conversion of a Partnership firm into 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 company 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

        DPIN (Designated Partner Identification Number) for all the Partners

        DSC (Digital Signature Certificate) for two of the Designated Partners



Steps in Conversion of a Partnership firm into an LLP




Step                         Steps                       Timeframe                           Processing
No.                                                     (Working days)

    1.       DPIN ( Designated Partner                                           Apply for DPIN and get a provisional
             Identification Number)                            5                  DPIN

                Approved DPIN is a pre-requisite                                Certification/Attestation of Director’s
                 for incorporation process                                        personal details

                                                                                 Sending the same to the MCA Cell
                                                                                  and getting it approved

    2.       Application for Name Availability                                   On conversion of Firm only addition
                                                               3                  of the word “ LLP” in existing name
                Filing of Form 1                                                 of the Firm as last word ” is allowed

    3.       Documents required for                                              Drafting the LLP Agreement and
             Conversion                                                           after getting it vetted by Promoters,
                                                               2                  sending it for printing
                LLP Agreement
                                                                                 Important attachments for Form 17
                Form 17
                 (Application for Conversion)                                        Statement of partners
                                                                                     Statement of Assets and
                Form 2
                 (Statement by Promoter)                                              Liabilities of the company duly
        Form 3                                      certified as true and correct by the
         (Information regarding the LLP
                                                     C.A.
         Agreement)
                                                           List of all the unsecured
        Form 4 & Form 9
                                                            creditors along with their
         (Notice of Consent & Appointment
         of Designated Partners with their                  consent to conversion
         personal details)
                                                           Approval from any other
        Subscription sheet signed by the                   body/authority, if required
         promoters
                                                    Processing of eForms
        Duly stamped LLP Agreement

        Proof of Address of Registered
         Office

4.       Final Process:                             Online uploading of e-Forms
                                             5
        Filing all the above documents             Payment of Registration fees
         with the ROC, follow up with the
         ROC                                        Issue of Certificate of Incorporation

        Making changes in LLP
         Agreement/ other conversion
         documents as suggested by the
         ROC

				
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posted:3/9/2010
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