Traditional partnerships are preferring to go for limited liability partnerships (LLP) as it offers separate legal identity, greater autonomy and limited liability to the owners. This shift is in turn driven by the real fact that LLP has combined attributes of both conventional partnerships as well as private company. The overall benefits of operating as LLP firm outweighs the existence of old partnership firms.
Documents required for Conversion
- Consent of all existing partners
- PAN Card copy of all proposed partners
- Identity Proof copy of all proposed partners
- Address Proof copy of all proposed partners
- Digital Signature of proposed partners
- Partnership Deed of traditional partnership
- Current firm registration certificate, if any
- Address Proof copy of registered office
- No-objection certificate from tax authorities
- Duly certified accounts statement of company
E-tax Conversion Service Covers:
- Advisory in relation to conversion
- Organizing the required meetings
- Obtaining approval for LLP name
- Formulation of LLP Agreement
- Preparation of relevant documents
- Obtaining fresh Pan Card of LLP
- Filing of necessary e-forms with ROC
- Issuance of Registration Certificate
- Guidance over finance and taxation matters
- Support for compliance of legislative norms