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Partnership firm has multiple shortcomings which are removed by conversion to Limited Liability Partnership (LLP). The conversion offers a separate legal entity, limited liability, pocket friendly as offers tax advantages, offers credibility with investors with minimal compliances.
Requirements for conversion:
- All the partners of the partnership firm become the designated partners of new LLP, and those who do not wish to continue to be the partner in LLP should retire
- All designated partners should apply for Digital Signatures and make some contributions
- All creditors should give their consent for conversion.
Procedure for the conversion:
- Approval of name for LLP in prescribed form.
- File an application for conversion of a partnership into LLP.
- File necessary firms of registered office and consent from each partner to become a designated partner in new LLP with ROC.
- File LLP Agreement within 30 days with ROC.
- Issuance of Certificate of Registration by ROC.
- Send intimation to ROC regarding the conversion of a partnership into LLP.
This is what we do when YOU SIT BACK & RELAX
- Review the documents and information provided
- Apply for Digital Signature Certificate (DSC)
- Check availability of company name with MCA
- Draft Memorandum of Association (MOA)
- Draft Articles of Association (AOA)
- Draft all other incorporation documents
- Reserve name with MCA
- Apply for Directors Identification Number (DIN)
- Apply for company incorporation with MCA
- Apply for PAN and TAN of company
Latest Passport size photograph of Partners
- Aadhar card and Voter ID/ Passport/ Driving License of Partners
- PAN Card of Partners
- Foreign nationals must provide a valid passport
Latest Telephone Bill /Electricity Bill/ Bank Account Statement of Partners
The above documents should not be more than 2 months old
- Latest Electricity Bill/ Telephone Bill of the registered office address
- No Objection Certificate to be obtained from the owner(s) of registered office
- Rent Agreement of the registered office should be provided if any
All other incorporation documents to be provided in soft copy
WHAT OUR CUSTOMERs SPEAK
It has been an absolute delight working with Manish and Stairfirst to support the set up and managing the compliance requirements for our Indian subsidiary. The team is super responsive, best at their game and acts as a trusted partner to guide you through the complex maze of regulatory needs. They have also been accommodating in some extra services we have requested few times at very competitive price. I will highly recommend working with them.
Stairfirst helped us set up Indian subsidiary of our UK Company in timely manner. They understood what we needed and got on with it. StairFirst has become a trusted partner which takes care of all our Annual compliance, RBI Clearances, Income tax and Corporate compliances, Accounting and Payroll services. I am extremely happy to recommend their services.
Team at Stairfirst is always responsive. Their knowledge on regulations and processes is amazing. This is crucial when making decisions while setting up a new business. Our experience with them has been positive. We look forward to continued relationship. Wishing the team more success ahead.