Process for converting a Partnership firm into an LLP in India
Can a Partnership be converted into LLP? Yes. And the process to convert a partnership firm into a Limited Liability partnership is as follows:
Step 1: Name Approval
First, you must get approval to use the name of the partnership firm for the LLP.
Step 2: Obtain DSCs
After acquiring the approval, you must gain the digital signatures of the designated partners.
Step 3: Apply for Conversion
You must draft a FORM-17 with the Registrar of Companies. It’s called the application of conversion.
Step 4: Get consent
Obtain consent from the partners, suppliers, investors, and from those to whom you once owed any type of debt.
Step 5: List assets
Create a statement of all the assets and liabilities.
Step 6: Apply for Incorporation
Fill out the form for incorporation of LLP online.
Step 7: Certificate grant
Obtain the Certificate of Incorporation of the LLP.
Step 8: LLP Agreement
Draft an LLP agreement using the points mentioned in the partnership deed.
Step 9: RoF intimation
Within 15 days of conversion of Partnership to an LLP, intimate the Registrar of Firms about the conversion.