HOW TO CONVERT BUSINESS TO LLP?

Every company has its boundaries and regulations in respect of which it gets registered as per companies act 1956 in India. As we all know it is compulsory for every company to get its business registered under the respective act. Private company, public company, sole-proprietorship or llp all are having separate rules while getting registration. If you got registered under any of the form of corporate and then in future needs to transfer in other form; there are certain provisions that are being entitled for the same purposes.
Here under this section we bring you with how to convert a business to a LLP means how to change your company in spite of private or public toLimited Liability Partnership Company. But before commencing with the same; we want to share various esteem points that one business should holds while changing to limited liability partnership. There are different segments including property, assets, liability, rights, interest, privileges and obligations need to transfer from one business to LLP under third schedule. All the heads are generally getting vary as you move from one form of corporate to another.

Steps / Procedure for Convert a Business to Limited Liability Partnership

There are certain procedures and steps that one is required to follow while converting a business to LLP.
1.    To change business to LLP means your business should be registered under companies act 1956.
2.    There should be not less than 2 designated partners out of which one should be resident of India.
3.    Obtain DIN number for designated partners and get digital signature certificate for atleast one of the designated partners.
4.    Form 1 for LLP name approval by filing an application to ROC.
5.    Form 18 for conversion of business to LLP.
6.    Forum 2 for describing the detail of partners.
7.    Forum 3 for mentioning LLP agreement that should be filed within 30 days from the date of registration.
8.    File other legal documents including name and registration no. of the company; date of its incorporation, fee submission and many more.
9.    After all these steps; ROC scrutinize all these documents after which will issue a certification of registration of LLP.
10.    After the registration of LLP; apply under Forum 14 stating that the present company is now being converted to LLP.

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