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Checklist for conversion of Partnership Firm to LLP

Checklist for conversion of Partnership Firm to LLP

Legal & Compliance

Anil Ganga

Anil Ganga

6 days ago — 4 min read

In order to convert a Partnership firm into a Limited Liability Partnership (LLP) it must be a registered entity. If not registered, you need to register and then convert to LLP.

 

Things to do before going for conversion

1 Make partners change as required, if any

2 Finalise Accounts

3 Complete Audit (if mandatory)

4 File IT Return

5 Register the firm, if not registered previously.

 

Documents required

1 Registration Certificate

2 Partnership Deed

3 Latest Audited accounts

4 Latest ITR

5 List of Secured creditors, if any and NOC and Consent letters from all secured creditors

6 No Objection Certificate from tax authorities

 

Documents Required for Conversion

1 Address proof of registered office (Rental Agreement)

2 Utility Bill of Registered office (Electricity Bill, Phone Bill, Gas bill etc) not older than 2 months

3 Approval by regulatory authority, If any.

4 DINs & DSCs of all partners

5 Statement of consent of partners of the firm

6 List of certified liabilities and assets (to be certified by PCA)

7 Detail of LLP(s) and/ or company(s) in which partner/ designated partner is a director/ partner (if any).

 

Other details required

1 PAN and Aadhaar of all partners (self-signed)

2 Place of Birth of all partners

3 Email IDs and cell numbers of all Partners

4 Voter ID / Passport / Driving License (any one only) of all partners if DIN is not available (self-signed)

5 Bank statement / EB / Phone Bill (any one only) of all partners if DIN is not available (self-signed)

6 Write Business nature description

7 Subscribers' sheet including consent

8 Proceeding by or against the Firm is pending in any Court or Tribunal or any other Authority.

9 Details of any conviction, ruling, order, judgment of any Court, Tribunal or other authority in favour of or against the firm.

10 Details of any earlier application for conversion of the said firm into limited liability partnership was refused by the Registrar.

 

Things to do and documents required after conversion

1 LLP Agreement (Filing of Form-3)

2 Intimating the Registrar of Firms about the conversion (in FORM 14 [See rule 33])

3 Intimating the Income Tax Department

4 Filing PAN Application for changes in the Name of Firm

5 Intimating to other authorities as may be required.


Note 

  • Partnership firm must be a registered partnership firm
  • Partners of the LLP comprises only all the partners of the partnership firm, and no one else.
  • If there are changes in Partners, Capital, Registered office address, Name of LLP, Amendments in LLP Agreement etc, then we may need to file respective eForms with ROC with prescribed fee extra.

 

Also read: How to select the ideal business structure for your startup

 

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Image source: shutterstock.com

 

Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views, official policy, or position of GlobalLinker.

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Anil Kumar Ganga

"Ananya legal LLP" is a full service, dynamic, and trustworthy Corporate Advisory and Legal Consultancy Limited Liability Partnership (LLP) Firm that specializes in a...

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