A firm may convert into a Limited Liability Partnership in accordance with the provisions of Section- 55 of LLP Act, 2008 read with Second Schedule. Partnership firms are at a disadvantage when compared to the newly introduced Limited Liability Partnership (LLP) as they do not provide limited liability protection for the partners, separate legal entity status, ability to take on unlimited number of partners and ease of ownership transfer. The introduction of LLP’s through the Limited Liability Partnership Act, 2008 has made LLPs the premier choice for small and medium sized businesses.
Our team of highly qualified professionals at Ask4compliance.com can help you in Conversion of Partnership Firm to LLP by completing the necessary procedures as per Companies Act, 2013.
Conditions for Conversion: