A new trend that has been observed of-late is that more and more entreprenuers have started opting for Limited Liability Partnerships. LLP is the limited personal liability provided to each of the partners. Generally speaking, each partner’s personal liability for another partner’s acts is limited to the partnership’s assets. In most states, a partner can’t lose more than his or her investment for something another partner does.
By converting a partnership firm into LLP, partners will be able to enjoy the benefits which LLP offers such as limited liability, separate identity for the entity, unlimited partners etc.LLP is Ideal for
What are the Documents required for LLP ?
WHATS INCLUDED IN THIS PACKAGE ?
What is the process for Converting Proprietorship firm to LLP?
The approved name of LLP shall be valid for a period of 3 months from the date of approval.
No. One of the requisite of an LLP is to carry on business for profit.
All tangible as well intangible property vested in the firm, all assets, interests, rights, privileges, liabilities, obligations relating to the firm and the whole of the undertaking of the firm shall be transferred to and shall vest in the LLP without further assurance, act or deed.
If the LLP has a turnover of Rs.40 lakhs or more and/or has a capital contribution of Rs.25 lakhs or more, the financial statements should be audited..
Every LLP is required to maintain annual accounts reflecting true and fair view of its state of affairs. A statement off accounts and solvency shall be filed by every LLP with the registrar of LLP every year.
The accumulated loss and unabsorbed depreciation of firm is deemed to be loss/depreciation of the successor LLP for the previous year in which conversion was effected. Thus such loss can be carried for further eight years in the hands of the successor LLP.
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