Upgrade your traditional Partnership Firm to a Limited Liability Partnership (LLP). Protect your personal assets and enjoy the flexibility of a partnership with the status of a corporate body.
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Conversion of a Partnership Firm into an LLP is a process under Section 55 of the Limited Liability Partnership Act, 2008. In this process, the existing firm ceases to exist, and all its assets, liabilities, rights, and obligations are vested in the new LLP.
Partners are not personally liable for the debts of the LLP, unlike in a traditional partnership where liability is unlimited.
The LLP can own property, sue, and be sued in its own name. It has perpetual succession.
The transfer of assets from the firm to the LLP is exempt from Capital Gains Tax if certain conditions are met.
An LLP can have an unlimited number of partners, whereas a partnership firm is restricted to a maximum of 20 partners (10 for banking).
Obtaining Digital Signature Certificates (DSC) for all designated partners.
Applying for the LLP name via RUN-LLP (usually the same name as the firm).
Filing the application for conversion (Form 17) along with incorporation (FiLLiP).
Drafting and filing the LLP Agreement (Form 3) within 30 days of registration.
We provide a dedicated Startup Advisor, monthly compliance status reports, and ensure 100% accurate filing at the lowest fees in the market.
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