Conversion of Partnership Firm into LLP

LLPs are preferred form of business as it is an alternative corporate business vehicle that provides the benefits of limited liability of a company but allows its members the flexibility of organizing their internal management on the basis of a mutually arrived agreement, as is the case in a partnership firm. In Partnership, partners have unlimited liability towards creditors while In case of LLP liability extended only to the their of LLP. LLP is hybrid version of Partnership having separate corporate identity with Limited Liability.

The entire world is gradually drifting towards one global market without any trade barriers between the countries. The emergence of corporate work culture and promotional startup benefits, a great chunk of entrepreneurs are looking forward to corporatization. This step can be initiated in 2 ways as enumerated below:

1. Incorporation of a new LLP.

2. Conversion of existing entity (e.g. Partnership) into a LLP.

The 2nd option of conversion of Partnership into Limited Liability Partnership(LLP) might be practical for the existing entities to switch over from one mode of business to another. The process of conversion is a step by step procedure, which is a technical process but if handled with expert knowledge may be time and cost saving, as well.

We, Compliance Hands,a team of more than 50 qualified professionals like CA, CS, Advocates etc, having experience of more than 5 years of handling task like this and have completed more than 2000 projects. We ensure are the all the compliance on time and you can carry on your business without any hiccups.