Conversion of Partnership Firm into LLP
Ankit Agarwal
Shweta Naik
On Wednesday, February 6, 2019 at 10:02:18 PM UTC+5:30, Ankit Agarwal wrote:
Hi All,Can someone please share the procedure and drafts for conversion of Partnership Firm into LLP. It's urgent. Thanks.
Deepak Singhal
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CS Deepak Singhal
Deepak Singhal & Associates
(Company Secretaries)
Office No.310, H block, Sushant Arcade, Sushant Lok Phase – 1,
Gurugram – 122 002 (Haryana)
Landmark: Near at HUDA City Metro Station
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VGO
Deepak Singhal
A firm may convert into a limited liability partnership in accordance with the provisions of Chapter X and the Second Schedule.
1. File RUN for name approval of the LLP or directly file FILIP form;
2. File form 17 for conversion;
3. File Form FILIP (Form 17 and Filip are linked forms)
4. File Form 3.
5. Form 14 for intimating the Registrar of Firms of conversion of firm into LLP within 15 days from the date of Registration of the LLP.
limited liability partnership shall, within fifteen days of the date of registration, inform the concerned Registrar of Firms or Registrar of Companies, as the case may be, with which it was registered under the provisions of the Indian Partnership Act, 1932 or the Companies Act, 1956, as the case may be, about the conversion and of the particulars of the limited liability partnership in such form and in such manner as may be prescribed.
On and from the date of registration specified in the certificate of registration issued under the Second Schedule -
(a) there shall be a limited liability partnership by the name specified in the certificate of registration registered under this Act;
(b) all tangible (movable or immovable) and intangible property vested in the firm, all assets, interests, rights, privileges, liabilities, obligations relating to the firm and the whole of the undertaking of the firm shall be transferred to and shall vest in the limited liability partnership without further assurance, act or deed; and
(c) the firm shall be deemed to be dissolved and removed from the records of the Registrar of Firms.
Schedule II Notings:
1. A firm may apply to convert into a limited liability partnership in accordance with this Schedule if and only if the partners of the limited liability partnership into which the firm is to be converted, comprise all the partners of the firm and no one else.
2. A firm may apply to convert into a limited liability partnership by filing with the Registrar-
(a) a statement by all of its partners in such form and manner and accompanied by such fee as the Central Government may prescribe, containing the following particulars, namely:-
(1) the name and registration number, if applicable, of the firm; and
(2) the date on which the firm was registered under the Indian Partnership Act, 1932 or under any other law, if applicable, and
(3) incorporation document and statement referred to in section 11.
3. The limited liability partnership shall ensure that for a period of twelve months commencing not later than fourteen days after the date of registration, every official correspondence of the limited liability partnership bears the following:
1. a statement that it was, as from the date of registration, converted from a firm into a limited liability partnership; and
2. the name and registration number, if applicable, of the firm from which it was converted.
Any limited liability partnership which contravenes the provisions of sub-paragraph shall be punishable with fme which shall not be less than ten thousand rupees but which may extend to one lakh rupees and with a further fme which shall not be less than fifty rupees but which may extend to five hundred rupees for every day after the first day after which the default continues.
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CS Deepak Singhal
Deepak Singhal & Associates
(Company Secretaries)
Suryanshi Jain
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Heny Pahuja
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