Steps for the Conversion of Partnership Firm to LLP.
1. Requirement of Digital Signature: Partners in a Partnership Firm shall necessarily have
Digital Signature as it will be required for filling up of various Forms. So the Partners shall make arrangement to obtain Digital Signature. 2. Requirement of DIN or DPIN: Partners registered in a partnership firm does not generally have DIN (Director Identification Number). DIN is a unique number issued by the Central Government. This number is issued to a person only once and can be used by the person throughout this life without any compliance. 3. Name Approval: After the DIN availability process is over, person can apply for the Name reservation of the proposed LLP through Ministry of Corporate Affairs. The Registration of the name of the LLP must be attained before filing the forms for transformation of the Partnership Firm into LLP. As when we will file Form-17 SRN will be required of the Name Reservation of LLP. 4. Filling of Form-Fillip: Form for Incorporation of Limited Liability Partnership. If the partners does not have DIN we can apply for application of DIN (Maximum 2) in the Form- Fillip. Documents and information required for Form- Fillip: i) Name of Proposed LLP ii) DSC of Designated Partners iii) Capital of Recommended LLP and Contribution of Recommended Partners iv) Phone No. and E-Mail Id of Proposed Partners v) Voter Id Card/Driving Licence/Passport of Proposed Partners vi) Latest Utility Bill (Not Older Than 2 Months) (for Registered Office) vii) Registered Office Proof (Index-2/ Allotment Letter/ Possession Letter/ Sale Deed/ Rent Agreement) viii) PAN of all Designated Partners/ partners ix) Bank Statement of 5. Filling of Form-3: Information with regard to limited liability partnership agreement and changes, if any, made therein. 6. Filling of Form-17: Application and a Statement of the Conversion of Partnership Firm into LLP (Limited Liability Partnership) i.e., Form 17. This form includes a Declaration by a Partner of the Partnership Firm. And shall be Digitally Signed by a Partner and Certified by a Company secretary in whole time practice/Chartered accountant in whole time practice/ Cost accountant in whole time practice On successful renovation of Partnership firm into LLP, the Registrar would then issue a Certificate of Incorporation of LLP and all the properties, assets, interests, rights, privileges, etc. of the firm are now reassigned to the LLP. The complete undertaking of the firm is transmitted to the LLP. However, any license that is distributed under any law to the Partnership Firm will not be automatically transmitted to the Limited Liability Partnership. Therefore, new licenses or any registering may be required. This aspect of renovation of a Partnership into LLP must be well considered before the conversion process.