Do you want to know the conversion from a Private company into an LLP? - PowerPoint PPT Presentation

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Do you want to know the conversion from a Private company into an LLP?

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Let’s have a look at the concept of conversion from a Private Company into a Limited Liability Partnership in the simplest way. Here, we are going to discuss the process of conversion – PowerPoint PPT presentation

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Title: Do you want to know the conversion from a Private company into an LLP?


1
Do you want to know the conversion from a Private
company into an LLP?
Lets have a look at the concept of conversion
from a Private Company into a Limited Liability
Partnership in the simplest way. Here, we are
going to discuss the process of
conversion. Before discussing the process, let me
tell you the advantages when we do the conversion
of a company into an LLP.
2
Conversion of a Private Company into the Limited
Liability Partnership
3
Advantages of LLP
The Limited Liability Partnership concept arrived
mainly for the benefits of entrepreneurs. Lower
the compliance and less contribution. Liability
will be very limited for the partners. By having
a separate legal entity, the LLP can sue and get
sued in its own name. In the fast growing
business sectors, LLP is the one which is more
effective and efficient in all the aspects.
4
Advantages of LLP
Any change in the partners of an LLP would not
affect the rights and liabilities in the
existence of an LLP. On the contrary, in the
traditional partnership, if any changes in the
partners, the partnership would dissolve.
5
What is conversion?
As per the LLP Act, it means a transfer of the
property, assets, interests, rights, privileges,
obligations, liabilities and undertaking the
private company to the LLP.
6
Eligibility for LLP
The Act provides that upon such conversion
process, the company, Shareholders, the LLP (the
company which is in conversion process) and the
partners of the concern shall be bound by the
provisions and they are applicable.
7
Procedure for conversion
Before starting the process of conversion,
Digital Signature Certificate and Director
Identification Number must be obtained by all
the shareholders of the company after getting
those things, the private company into LLP must
be filed with the registrar along with the
prescribed documents. They are as follows The
first thing is to obtain the statement by all the
shareholders in such a form and a fee which is
prescribed by the Central Government. Name and
Registration Number of the Company. Need to get
a certificate which is from the tax authorities
which is about non-objection. Financial
Statement of the particular concern.
8
Procedure for conversion
After checking the details, the registrar will
produce a Certificate of Incorporation of LLP.
During the conversion process, the private
company will be considered to be dissolved since
the properties, assets, rights, liabilities will
be transferred to LLP.
9
Incorporation Document
It states the following information LLP
name Registered office , its address, the state
in which its located. What is the business type
that is to be carried on by the LLP? Summary of
Partners( which includes all the details of the
partners like how many of them are get into a
partnership? The Number of Partners and the
number of bodies corporate as the partners and
their complete details. The contribution of the
partners and the total value of that will be
mentioned.
10
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