******************PART 2**************************
S𝐭𝐞𝐩 4: 𝐃𝐫𝐚𝐟𝐭 𝐚𝐧𝐝 𝐅𝐢𝐥𝐞 𝐭𝐡𝐞 𝐋𝐋𝐏 𝐀𝐠𝐫𝐞𝐞𝐦𝐞𝐧𝐭
- **Draft the LLP Agreement**: This document outlines the rights and duties of partners and the LLP’s management structure.
- **File the LLP Agreement in Form 3 within 30 days of incorporation**: Attach the LLP agreement duly signed by all partners.
𝐒𝐭𝐞𝐩 𝟓: 𝐎𝐛𝐭𝐚𝐢𝐧 𝐂𝐞𝐫𝐭𝐢𝐟𝐢𝐜𝐚𝐭𝐞 𝐨𝐟 𝐈𝐧𝐜𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧
Upon successful verification of the documents, the Registrar of Companies (ROC) will issue a Certificate of Incorporation, confirming the conversion of the partnership firm into an LLP.
𝐒𝐭𝐞𝐩 𝟔: 𝐔𝐩𝐝𝐚𝐭𝐞 𝐏𝐀𝐍 , 𝐓𝐀𝐍 𝐚𝐧𝐝 𝐆𝐒𝐓 𝐢𝐟 𝐚𝐩𝐩𝐥𝐢𝐜𝐚𝐛𝐥𝐞
- Apply for a change in Permanent Account Number (PAN) , GST and TAN for the LLP**, as these details will change post-conversion.
S𝐭𝐞𝐩 𝟕: 𝐈𝐧𝐟𝐨𝐫𝐦 𝐑𝐞𝐥𝐞𝐯𝐚𝐧𝐭 𝐀𝐮𝐭𝐡𝐨𝐫𝐢𝐭𝐢𝐞𝐬 𝐚𝐧𝐝 𝐒𝐭𝐚𝐤𝐞𝐡𝐨𝐥𝐝𝐞𝐫𝐬
- Notify relevant authorities, banks, and other stakeholders about the conversion.** Update all records, agreements, and registrations to reflect the change in the entity type from a partnership firm to an LLP.
### 𝐀𝐝𝐝𝐢𝐭𝐢𝐨𝐧𝐚𝐥 𝐍𝐨𝐭𝐞𝐬
- 𝐸𝑛𝑠𝑢𝑟𝑒 𝑡ℎ𝑎𝑡 𝑡ℎ𝑒 𝑝𝑎𝑟𝑡𝑛𝑒𝑟𝑠ℎ𝑖𝑝 𝑓𝑖𝑟𝑚 ℎ𝑎𝑠 𝑐𝑜𝑚𝑝𝑙𝑖𝑒𝑑 𝑤𝑖𝑡ℎ 𝑎𝑙𝑙 𝑠𝑡𝑎𝑡𝑢𝑡𝑜𝑟𝑦 𝑟𝑒𝑞𝑢𝑖𝑟𝑒𝑚𝑒𝑛𝑡𝑠 𝑏𝑒𝑓𝑜𝑟𝑒 𝑐𝑜𝑛𝑣𝑒𝑟𝑠𝑖𝑜𝑛.
- 𝑇ℎ𝑒 𝑐𝑜𝑛𝑣𝑒𝑟𝑠𝑖𝑜𝑛 𝑑𝑜𝑒𝑠 𝑛𝑜𝑡 𝑎𝑓𝑓𝑒𝑐𝑡 𝑎𝑛𝑦 𝑒𝑥𝑖𝑠𝑡𝑖𝑛𝑔 𝑙𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠, 𝑜𝑏𝑙𝑖𝑔𝑎𝑡𝑖𝑜𝑛𝑠, 𝑜𝑟 𝑐𝑜𝑛𝑡𝑟𝑎𝑐𝑡𝑠 𝑜𝑓 𝑡ℎ𝑒 𝑓𝑖𝑟𝑚. 𝑇ℎ𝑒 𝐿𝐿𝑃 𝑤𝑖𝑙𝑙 𝑐𝑜𝑛𝑡𝑖𝑛𝑢𝑒 𝑡𝑜 𝑏𝑒 𝑟𝑒𝑠𝑝𝑜𝑛𝑠𝑖𝑏𝑙𝑒 𝑓𝑜𝑟 𝑡ℎ𝑒𝑠𝑒 𝑎𝑓𝑡𝑒𝑟 𝑡ℎ𝑒 𝑐𝑜𝑛𝑣𝑒𝑟𝑠𝑖𝑜𝑛.
- 𝑇ℎ𝑒 𝑝𝑎𝑟𝑡𝑛𝑒𝑟𝑠 𝑜𝑓 𝑡ℎ𝑒 𝐿𝐿𝑃 𝑚𝑢𝑠𝑡 𝑏𝑒 𝑡ℎ𝑒 𝑠𝑎𝑚𝑒 𝑎𝑠 𝑡ℎ𝑒 𝑝𝑎𝑟𝑡𝑛𝑒𝑟𝑠 𝑜𝑓 𝑡ℎ𝑒 𝑜𝑟𝑖𝑔𝑖𝑛𝑎𝑙 𝑝𝑎𝑟𝑡𝑛𝑒𝑟𝑠ℎ𝑖𝑝 𝑓𝑖𝑟𝑚.
By following these steps, a partnership firm can be successfully converted into an LLP in India, gaining the advantages of limited liability while maintaining the benefits of a partnership structure.
For any queries or assistance, i can be contacted at
CA Ankur Bansal
NAV & CO
Chartered Accountants
Offices at Chandigarh, New Delhi, Gurgaon, Indore
+91 - 9988251003
ankur@canav.in
Accountant at Accenture
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