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Conversion of Proprietorship firm into LLP

Key Benefits:

A) Automatic transfer
All the assets and liabilities of the firm immediately before the conversion become the assets and liabilities of the LLP.

B) No Stamp Duty

All movable and immovable properties of the firm automatically vest in the LLP. No instrument of transfer is required to be executed and hence no stamp duty is required to be paid.

C) No Capital Gain Tax

No Capital Gains tax shall be charged on transfer of property from firm to LLP.

D) Continuation of Brand Value

The goodwill of the firm and its brand value is kept intact and continues to enjoy the previous success story with legal recognition.

E) Carry Forward and Set off Losses and Unabsorbed Depreciation

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.

Steps involved in formation of a Limited Liability Partnership (LLP)

Step No. Steps
1 DSC (Digital Signature certificate)
2 DPIN (Designated Partner Identification Number)
Approved DPIN is a pre-requisite for incorporation process
3 Pre- Name Application Search
4 Application for Name Availability
  • Filing of Form 1
  • 6 names for the proposed Company
  • Main Object Clause
5 Representation before RoC on behalf of Promoters
6 Documents required for incorporation of an LLP
  • LLP Agreement
  • Form 2
    (Statement by Promoter)
  • Form 3
    (Information regarding the LLP Agreement)
  • Form 4 & Form 9
    (Notice of Consent & Appointment of Designated Partners with their personal details)
  • Subscription sheet signed by the promoters
  • Duly stamped LLP Agreement
  • Proof of Address of Registered Office
7 Final Process:
  • Filing all the above documents with the ROC, follow up with the ROC Making changes in LLP Agreement/other Incorporation documents as suggested by the ROC