Partnership To LLP Package
Partnership to LLP
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Partnership to LLP in India
- The Partnership Firm which wants to convert itself to LLP must be registered under Indian Partnership Act, 1932.
- LLP incorporated by conversion of Partnership to LLP in Inida must have same partners as they were in the Partnership Firm.
Minimum requirements of Partnership to LLP in India
- Up to date filing of Income tax returns
- Partners shall receive consideration in the form of shares in LLP
- Consent of all unsecured creditors for the proposed conversion
- Minimum 2 partners
- Atleast one of the designated partners shall be an Indian Resident
- DPIN for all partners
- DSC for all partners
- Some sort of contribution from each partners.
Advantages of Partnership to LLP in India
- Low set-up cost
- Less compliance requirements
- Tax benefits
- Limited liability
- Seperate legal entity
General FAQ - Partnership to LLP
WHO CAN BECOME PARTNER IN AN LLP?
Any individual/ organization can become partner of LLP including foreigners/NRI’s