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Conversion Of Company/LLP
Conversion Of Company/LLP
Conversion of a Company into an LLP is allowed under the provisions of the Companies Act, 2013 and the Limited Liability Partnership Act, 2008 but it really important to understand the tax implications of the same as well.
PROCEDURE OF CONVERSION AS PER COMPANIES ACT
- Convene a Board Meeting to pass a resolution for conversion of Company into LLP.
- Reserve the name using RUN-LLP as available mca.gov.in (not mandatory as the same can be reserved along with the application to incorporate LLP as well)
- File form for incorporation of Limited Liability Partnership (FiLLiP).
APPLICATION FOR NAME AVAILABILITY
The company will have to apply for reservation of name of LLP and get NAME APPROVAL CERTIFICATE FROM ROC
PRE-REQUISITIES
- Every member of the company must agree with the decision of conversion.
- All the members become the partners of an LLP and no one else.
- The latest copy of the Income-tax return is to be filed with ROC.
- Not just the members, but all the creditors of the company must also agree with the conversion.
- The company should be having a share capital.
- At least one balance sheet and annual return should have been filed by the company after its incorporation.
- Under the Companies Act, no prosecution should have initiated a procedure to be followed.
FILING OF INCORPORATION FORM WITH REQUIRED DOCUMENTS
File E Form FiLLiP with ROC along with following Attachments:
- Address proof of the registered office of LLP. (For eg.: utility bill, NOC and proof of ownership)
- The subscription sheets.
- Consent to act as a designated partners and partners
- Identity and Resident proofs of designated partners and partners
- Detail of LLP(s) and/ or company(s) in which partner/ designated partner is a director/ designated partner.
EFFECT OF CONVERSION
The following are some of the implications of the conversion of a company into an LLP:
- The private company will be deemed to be dissolved.
- The name of the private limited company will be removed from the register of the Registrar of Companies.
- On conversion, all properties, assets, interests, rights, privileges, liabilities, and obligations of the private limited company are transferred to the LLP.
- The conversion has no bearing on the existing liabilities, obligations, agreements, contracts, and continued employment.
- Permits or licenses issued under any written law to the Private Limited Company, and which are active before the date of conversion will not be transferred automatically to the Limited Liability Partnership.
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