Some requirements need to be fulfilled to convert the partnership firm to a limited liability partnership. A partnership firm should have a digital signature so that they can fill up various forms necessary to convert into LLP. Hence a digital signature is a must. Director identification number or designated partner identification number is a unique number that is issued by the central government and this number is only issued once to any person and can be used by him whenever he wishes to without any compliance as this number does not expire. To get this number one has to fill an e-Form DIR-3. After the director identification number is obtained, one has to apply for name approval or name reservation of the proposed limited liability partnership in the ministry of corporate affairs. One has to reserve the name of the limited liability partnership before he has while the form for the conversion of the partnership firm. This reserve name will be required under form 17.
To convert from a partnership to LLP there are some documents and information required for Form-Fillip. One can apply for a director identification number through this form also. The information required in the form is the name of the proposed LLP, a digital signature certificate of the designated partners, contact address of the proposed partners, address proof, identity proof (for this Voter ID card, driving license, a passport of the proposed partners is required), Contribution and capital of the partners should be filled in the form, Proof for registered office need to have some latest utility bills such as electricity bill or water bill. Registered office proof will require an allotment letter possession letter, rent agreement, or sale deed. Some other documents which are required are the PAN card of the designated partners and the bank statement of the same. Some attachments are necessary for the form, such as subscriber sheet, NOC of the owner, Main object, and details of LLP.
Form 3 should be filled and this deals with the information concerning limited liability partnership. LLP agreement needs to be attached with the form.
Form 17 needs to be filled and they should include a declaration by the partner of the partnership firm and the digital signature of the partner is required. Some attachments are necessary for the form. Form 17 must-have attached statement of consent of the partners of the firm, A copy of the acknowledgement of income tax return Should be attached, all the secured creditors should be listed who have given their consent to the conversion. The form should also have the statement of the assets and liabilities that have been certified by the chartered accountant in practice.
A registrar will issue a certificate of incorporation of a limited liability partnership on a successful conversion and it will include all the assets, interest, right etcetera which are now transferred to the limited liability partnership. One must remember that crash license and registration will be required as any license or permit or approvals that were issued under any law to a partnership firm is not transferred automatically to LLP.
This Article Does Not Intend To Hurt The Sentiments Of Any Individual Community, Sect, Or Religion Etcetera. This Article Is Based Purely On The Authors Personal Views And Opinions In The Exercise Of The Fundamental Right Guaranteed Under Article 19(1)(A) And Other Related Laws Being Force In India, For The Time Being.
