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 LLPs through the Limited Liability Partnership Act, 2008 has made LLPs the premier choice for small and medium sized businesses. Inciting tremendous interest among Partners of an existing Partnership firms to convert their firms into LLP. A Limited Liability Partnership (LLP) can prove to be a much better business vehicle than a regular partnership. Partners aren't disadvantaged by personal liability and the LLP does away with the excessive regulations of the Indian Partnership Act, 1932. Furthermore, there are tax benefits, no audit requirements below a certain capital, no cap with regard to number of partners or capital contribution requirements.
1) To get Digital Signature Certificate for all Partners.
2) To obtain a Designated Partner Identification Number.
3) Apply for name approval.
4) File LLP Form 17, LLP Form 2 and LLP Form 3.
5) Documents needs to be attach
Address proof of registered office,
Approval by regulatory authority,
Details of partnership (including details of partners and directors)
Consent of all the partners,
Copy of the latest income tax return (can be acknowledgment),
No Objection Certificate from tax authorities,
List of creditors and their consent, and
List of certified liabilities and assets.