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Conversion of Partnership to LLP
All you know about Conversion of Partnership to LLP
Partnership firms are being converted into a Limited
Liability Partnership (LLP). LLP offers a host of features such as unlimited
partners, limited liability protection, transferability, survivability, etc., making
it more attractive than a partnership firm.
Limited Liability Partnerships, LLP is a unique and new form
of business. LLP contains elements of both ‘a corporate structure’ as well as
‘partnership firm structure’; it is many a times termed as a hybrid of a
company and a partnership. LLP is a separate legal entity which can continue
its existence irrespective of changes in its partnership. This was introduced
in India in 2008 with the approval of the Limited Liability Partnership Act,
2008.
It is a superior type of partnership. A normal
partnership is often discouraged due to its unlimited liability feature, i.e.
your personal assets may be seized in case all the dues are not cleared. To
counter this problem, an important feature of limited liability of company was
added to the partnership, resulting in Limited Liability Partnership.
LLP is a separate legal entity, which can be formed in India
by a minimum of two persons coming together with a motive of earning profit.
Unlike a Private Ltd Company, an LLP is easy to manage and it is subjected to
minimal post registration compliances.
Get in touch with us to know more about Conversion
of Partnership to LLP Registration