- Partners gain limited liability.
- The LLP is a separate legal entity with perpetual succession.
- Compliance remains lighter than for a company.
- 1Agree on the conversion among all partners and reserve the LLP name.
- 2File the prescribed conversion application with the Registrar (an application on Form 17, along with the incorporation documents).
- 3Receive the Certificate of Registration; the firm's assets and liabilities vest in the LLP.
- 4File the LLP agreement and update PAN, GST, bank and licence records.
- All partners must consent, and secured creditors may need to be informed.
- Existing registrations and contracts continue in the LLP's name, but records need updating.
- Tax implications should be reviewed before filing.
Do all partners have to agree?
Yes. Conversion needs the consent of all partners of the firm.
General information, not professional advice. Rules and timelines change, so we confirm the current position for your case before filing. Government fees are separate from our service charge and are quoted before work begins.