What is the procedure for conversion a Private Limited Company into an 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 18 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 Private Limited Company into a LLP?

Details of proposed Designated Partners/Partners Consent of all shareholders / Directors Statement of consent of shareholders of the Private Limited Company Copy of latest Income Tax Return List of all Creditors along with their consent for conversion Statement of Assets and Liabilities of the Company duly certified as true and correct by the Auditor Bank Statement with current transactions KYC Documents Electricity Bill, Rent Agreement, NOC by the owner of Registered office NOC from the Registrar of Companies

What are some key/ basic benefits of the conversion of Private Limited Company into anLLP?

Less Compliances as compared to a Company There is no limitation in maximum number of memberships in LLP as compared to a Company The Audit to certain extent is not mandatory in case of LLP whereas in case of a company Audit is mandatory in all cases. Profits are Distributable to partners without any incidence of additional tax, unlike withholding tax on dividends distributed by companies