Convert Partnership to LLP is a legal process that provides the partners with a more flexible and beneficial business structure. The conversion can be initiated by filing Form 17 with the Registrar of Companies (ROC) and submitting other necessary documents such as the LLP agreement, a statement of assets and liabilities, and consent from all partners.
Similarly, a Private Limited Company can also be converted into an LLP by filing Form 18 with the ROC, along with the LLP agreement and a statement of accounts and assets. The conversion process involves the transfer of all assets and liabilities of the company to the LLP, and the shareholders become designated partners of the LLP.
The conversion of partnership firm into LLP an LLP provides various benefits such as separate legal entity status, limited liability protection, perpetual succession, and tax advantages. It also offers flexibility in terms of ownership, management, and decision-making. However, it is crucial to comply with all the legal and regulatory requirements and seek professional advice before proceeding with the conversion process.