Convert LLP to Private Limited Company
To convert an LLP partnership into a corporation, prepare and submit the following documents: a list of the partners; Affidavit of termination of LLP; resignation newspaper advertisements; an LLP agreement; LLP registration certificate; a statement of assets and liabilities certified by a CA; and income tax returns.
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INTRODUCTION
Conversion of LLP into private limited company
Private firms are among the most prevalent business structures in India. They offer greater opportunities for expansion and growth and work best for acquiring equity money, which is impossible with limited liability partnerships. If the proprietors want venture capitalists or private equity investors to engage in their business, an LLP structure is inappropriate as they would rather fund a private limited company than an LLP or partnership. The second justification for the conversion is that, unlike in the case of an LLP, FDI in a private limited company can be done immediately without the need for permission. In particular, if the firm’s owners or promoters are foreign nationals or non-resident Indians, forming a private limited company is a
ADVANTAGES
Advantages ofconverting LLP into limited company
Easy Fund raising
Strict registration procedures increase this structure's credibility in the eyes of others, which facilitates fundraising and borrowing from other sources. The organization itself offers several avenues for raising capital, including ESOP, private equity, and other means.
Separate Legal Existence
Both the firm and the management are able to concentrate on their future projects thanks to the independent ownership and management. By voting, the shareholders retain control over the company's operations and management.
ESOPs to employees
Offers of equity ownership and ESOP schemes are restricted to private limited corporations. It draws workers since it gives them a reason to work for the firm and benefits from its expansion and success.
Limited Liability of Owners
The owner's personal assets are not charged in relation to the company's obligations or debts. Their obligation is capped to the capital they have contributed but have not yet paid.
A LIST OF DOCUMENTS
Documents required for conversion into Private Company
PAN Card
PAN Card of all partnersForeign nationals may provide passport
Address Proof
Current Bank Account Statement for Directors and Shareholders; Telephone Bill; and Electricity Bill
Photograph
Latest Passport size photograph of all partners
Business Address Proof
The registered office address's telephone and electricity bills
NOC from owner
A certificate of no objection must be acquired from the registered office's owner.
Rent Agreement
Rent Agreement of the registered office should be provided, if any
Note
The partner's paperwork need to be notarized or apostilleled if they are a foreign national, or NRI.
Identity Proof
Director and Shareholder IDs, Passports, and Driver's Licenses
Copy of ITR
A copy of the Limited Liability Partnership's most recent income tax return.
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Formulation of Company Name
Special Name
It primarily establishes the company's brand and, ideally, is a newly invented term.
Business Object
The company's business activity should be implied by the second portion of the name.
Suffix to Name
The suffix "Private Limited" must be included at the end of the company's name.
Convert into company in 3 Easy Steps
1. Respond to Quick Questions
- Our questionnaires take less than ten minutes to complete.
- Give the essential information and paperwork needed to convert a proprietorship to a partnership.
- Pay using a safe and secure payment gateway.
2. Experts are Here to Help
- Dedicated Relationship Manager
- Procurement of Digital Signatures (DSC)
- Application for Name Reservation
- Documents drafting including MOA and AOA
- Application for conversion into a Private company
- Certificate of Incorporation
3. Your Company is Registered
- All it takes is 12 – 15 working days*
Process to convert LLP to pvt ltd
Day 1
- Application for Digital Signature Certificate (DSC)
Day 2 - 4
- Application for Name Reservation under “RUN“
- Reservation of Name
Day 5 - 7
- Drafting of MoA, AoA & other required documents
- Payment of Stamp Duty
- Notarization of required documents
Day 8 - 9
- Filing application for company registration
- Application for DIN Allotment
- Application for PAN and TAN of company
Day 10 - 11
- Government processing time
Explore Conversion from LLP to Private Limited Company
Frequently Asked Questions
Following registration, the company must prioritize the following requirements:
- establishing a current account with the business
- The Statutory Auditor is appointed
- Deposit of paid-up capital indicated at the time of registration
- Share issuance and allocation
With the SPICE form, a maximum of 3 (Three) DIN can be used.
In the event that the applicant wishes to incorporate a company with more than three directors and more than three individuals without a DIN. In this case, the applicant must incorporate the company with three directors and then name additional directors at a later date.
- A minimum authorized capital of INR one lakh must be submitted at the time of registration. As part of its effort to streamline business registration in India, the government has scrapped the minimum paid-up capital requirement. To register, a shareholder must subscribe for a minimum of one share; additionally, an amount adequate to operate the firm must be introduced.
- If there were more than seven LLP partners at the time the LLP converted to a company, the company would also need to provide 1. URC-1 and 2. as well as a scanned copy of the physically created MOA and AOA. INC-32.
Indeed, LLP is required to provide “copies of the principal and all subsequent deeds including the latest deed” in e-form URC-1 to the ROC at the time of conversion.
- Yes, it can be filed electronically without a physical copy being submitted if one of the directors is located outside of India.