What is the procedure for conversion a partnership firm into a LLP?

Preparation of DSC and DIN of proposed Designated Partners and Partners. Preparation and Filing of name application through web form RUN through MCA portal. Preparation and Filing of form LLP 2 along with LLP 17 for conversion. Preparation and Filing of form LLP 3 Appropriate Government fees is payable depending upon the authorized capital of the company.

What are some key/ basic documents required for conversion of a partnership firm into a LLP?

Details of proposed Designated Partners/Partners Consent of all partners Statement of consent of partner of the partnership firm Copy of latest Income Tax Return List of all Creditors along with their consent for conversion List of certified liability and assets Relevant certification from a CA/CS/CWA; etc. Bank Statement with current transactions KYC Documents Electricity Bill, Rent Agreement&NOC by the owner of Registered office Dissolution Deed NOC from the Registrar of firms

What are some key benefits/ reasons of the conversion of partnership firm into a LLP?

The liability of the members or the directors are limited in case of LLP whereas in case of partnership firm the liabilities are unlimited The LLP is more transparent structure of business as compared to partnership firm The benefit of startup recognition under the startup India scheme of the government of India can be availed by a LLP and not by any partnership firm. The LLP has a separate legal identity as compared to a partnership firm. The venture capitalist gets attracted to invest in a LLP.