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Convert your Company into LLP and get rid of unnecessary expenses, get it converted with the help of ComplyKart professionals easy and hassle-free

Package inclusion

  1. Best Consultancy by Expert CA
  2. Name Reservation
  3. Filing of Form-2, 3 & MGT-14
  4. Document Drafting and LLP Agreement
  5. Post conversion compliances

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PRIVATE LIMITED COMPANY INTO LIMITED LIABILITY PARTNERSHIP

Now a days many of the Private Limited Companies are converting them into LLP due to many reasons like its hybrid nature of business, less statutory expenses and maintenance expenses and further other benefits. A LLP is always a best choice for entrepreneurs looking to considerable small and stable Business. ComplyKart is the industry leader to help entrepreneurs to register and manage their business with ease and passion.

What is a Private Limited Company?

Private Limited Company is a most sought after form of business in recent times because of its private nature and expansion friendly nature. The liability of this type of entity is limited. A private limited company can be started with minimum of 2 people and can have a maximum number of 200 shareholders and can be restructured in many ways. One should always go for a Private Limited Company when he has plans for expansion and equity funding.

What is Limited Liability Partnership?

LLP is a new form of business started by Ministry of Corporate affairs recently in order to promote ease of doing business in India. It is becoming most attractive form of business because it offers almost all the benefits of a private limited company without any downside of a partnership firm. A LLP can be formed with minimum 2 partners and carries less expenses in comparison to a Private Limited Company. A LLP is similar to a partnership with a difference of limited liability of partners. One partner is not liable for the wrongful act of other.

Advantages of LLP

Limited liability

As evitable from the name, the Limited liability partnership limits the liabilities of a single partner towards a business and keeps each of them responsible for the smaller fragment of the business. This further divides the risk of the business and keeps each partner answerable for their own part of the business

Separate Legal Entity

LLP is a separate entity in the eyes of Law therefore it can take loans, purchase or sell Assets, or do any activity through its partners that an individual businessman does.

Easily Transferable

The business of a LLP is easily transferable. One can transfer the business of LLP by inducting them as partners in the LLP. As LLP is a separate legal entity, it’s ownership can be changes by inducting partners

No Audit Required

Audit is only necessary where the turnover is less than Rs. 40 Lakh or capital contribution of Rs. 25 Lakh for a LLP. Small businesses do not required to pay unnecessary Audit fees.

Easy windup process

Similar to its easy formation process, it is smooth in winding up. It just take two month to get it close while private limited company yields the whole one year to get nearby winding up.

Procedure of conversion

  • 1

    Convene Board Meeting

    Convene a Board Meeting of Directors and pass necessary resolutions for conversion and obtain name approval from the Ministry

  • 2

    Name Approval

    As per the resolution passed in the Board Meeting of Directors, RUN-LLP is filed for name approval with Board Resolution as an attachment.

  • 3

    Drafting LLP Agreement

    The most important step is to draft a LLP Agreement professionally as it carries all the rights and responsibilities of partners.

  • 4

    Filing of Incorporation Form

    Once the Agreement is drafted Incorporation Form in Form-2 is required to be filed with Registered Office and subscribers details and their consent

  • 5

    Application For Conversion

    Application for conversion is to be submitted to the ROC in Form 18 which carries the statement of shareholders, Statement of Assets and Liabilities, NOC of Creditors & Income Tax Authority.

  • 6

    Filing of Form-3

    Upon filing of Form-2, certificate of Incorporation is given, now the LLP agreement signed by all the partners is required to be filed with Registrar in Form-3 and attached COI.

  • 7

    Filling of FORM-14

    Once COI is received, Form MGT-14 is required to be filed to the registrar within 15 days with attached COI and other necessary documents

Documents Required

  • CTC of Board Resolution
  • Consent of shareholder for Conversion
  • List of all the creditors along with their consent
  • Statement of assets and liabilities of the company
  • Latest filed Income Tax Return of Company
  • Clearance certificate from Tax Authorities

    • How ComplyKart can help

    Consulting & Strategy

    Our conversion experts will give you the best consulting and prepare the strategy for conversion of your Company into LLP.

    Client’s growth

    Our services are aimed at achieving growth for clients. We can provide necessary guidance for understanding the conversion process

    Competence is our strength

    We make every effort to stay updated with the rules and regulations by MCA. This enables us to deal with client’s needs effectively

    Always there for you

    The assurance of a dedicated workforce including support staff and managers can be a promising factor in the conversion process.

    Post Conversion Compliance

    Once the conversion is approved by the Authority you need to comply with certain rules which we help you to Comply and keep it running

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