Proprietorship LLP Limited in pune
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Proprietorship LLP Limited
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Feature

A Limited Liability Partnership (LLP) is a hybrid business entity of both a Corporation and a Sole Proprietorship.

Feature

A Limited Liability Partnership (LLP) is a hybrid business entity of both a Corporation and a Sole Proprietorship.

Description

The process for converting a Proprietorship to a Limited Liability Partnership (LLP) involves the following steps:

  1. Obtain a Digital Signature Certificate (DSC) for the proposed Designated Partners of the LLP.

  2. Apply for Director Identification Number (DIN) for the proposed Designated Partners of the LLP.

  3. Conduct a meeting of the Proprietor and all the Designated Partners of the LLP and pass a resolution to initiate the process of conversion and authorize a Designated Partner or a Company Secretary to make an application to the Registrar of Companies for conversion.

  4. Apply for a new name for the LLP by filing Form 1 with the Registrar of Companies. The name must be unique and not similar to any other existing company or LLP.

  5. Draft and file the LLP Agreement with the Registrar of Companies. The LLP Agreement must be in compliance with the LLP Act, 2008 and contain the details of the Designated Partners, contribution, profit sharing ratio, etc.

  6. File Form 18 with the Registrar of Companies within 15 days of filing Form 1. This form includes the application for conversion along with the following documents:

    • Copy of the LLP Agreement
    • Copy of the latest Income Tax Return of the Proprietorship firm
    • List of Designated Partners of the LLP
    • Consent of the Designated Partners to act as Designated Partners of the LLP
    • Statement of Assets and Liabilities of the Proprietorship firm
    • Certificate of Registration of the Proprietorship firm

  7. Obtain approval from Registrar of Companies: Upon verification of the documents and satisfaction of the Registrar of Companies, the Registrar will approve the conversion and issue a Certificate of Incorporation.

  8. Update PAN and other registrations: After the conversion, update the Permanent Account Number (PAN) and other registrations with the respective authorities.

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