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LLP Registration
Conversion to LLP
Upgrade your partnership or company into a Limited Liability Partnership.
Key Benefits
Tax Efficiency
Transfer of Assets
Better Management
Growth Potential
What is Conversion to LLP?
Conversion to LLP refers to the legal process of changing an existing partnership firm, private company, or unlisted public company into a Limited Liability Partnership. This allows the entity to retain its legacy while gaining the benefits of a corporate structure with limited liability.
Characteristics
- All assets and liabilities of the old entity are transferred to the LLP.
- All partners/shareholders of the old entity must become partners of the LLP.
- No change in the PAN of the entity in case of partnership to LLP conversion.
Regulations & Rules
- Second, Third, and Fourth Schedules of the LLP Act, 2008
- Section 55 to 58 of the LLP Act, 2008
Advantages
- Limited Liability: Protects partners from the old entity's potential future debts.
- Tax Saving: Exemption from Capital Gains tax if certain conditions are met.
- Business Continuity: The existing contracts and licenses generally continue after conversion.
- Operational Flexibility: Simplifies internal management through an LLP agreement.
Our Role
At Sunil K Sharma & Associates, we provide specialized Conversion to LLP services tailored to the unique needs of your business. Our expertise ensures that you navigate the complex regulatory environment with ease and confidence. We handle everything from documentation to final approval, allowing you to focus on your core business.