Unlike private limited company, you cannot raise equity funding in llp from any person other than its partner. However debt funding such as term loan, overdraft from bank is possible.
Convert LLP into Pvt Ltd
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For a growing LLP, conversion as a Private Limited Company makes sense from the point of view of management and the ability to attract investors. We help in planning and necessary legal compliance in converting the LLP into a Pvt Ltd Company.
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Introduction
How to convert an LLP into a Private Limited Company in India?
Several businesses started in India as Limited Liability Partnership (LLP), may now wish to convert into a private limited company for more growth in business or for infusing equity capital. An LLP can be converted into a Pvt. Ltd. company as per the provisions contained in Section 366 of the Companies Act, 2013 and Company (Authorised to Register) Rules, 2014.
However, there are various requirements which need to be satisfied for converting an LLP into a Private Limited Company, for instance, an LLP must have at least 7 partners, approval from all the partners is required, advertisement in newspaper is to be done in a local and a national newspaper, a No Objection Certificate (NOC) is required from the ROC where such LLP is registered and then all the incorporation process has to be undertaken which includes
Package Inclusions:-
- Advice on the procedure of obtaining a Trademark Registration in India.
- Information, search, and filing of an application for Trademark Registration in India
- Collection of the necessary documents and filing of documents along with the application.
- Guidance on compliance related to Trademark Registration in India.
Benefits
Benefits of Convert LLP into Pvt Ltd
Process
LLP into Company In Easy Steps
Explore Trademark Classes
Class 25
Clothing, Footwear, Headgear
Class 42
Scientific, Technological and Computer related services
Class 35
Advertising and Business Services
Document Checklist
Documents required to Register a Trademark
Proof of Applicant
Address Proof of the applicant
Identity Proof
Identity Proof of the applicant
Photographs
Passport size photographs of the applicant
Copy of latest
Copy of latest returns file by the Limited Liability Partnership
The NOC
The NOC was obtained from members of LLP and the Registrar.
List of members
List of members with their details such as name, address, the share held by them, etc.
Faq
Frequently Asked Questions (FAQ)
Provision mentioned in the Section 366 of the Companies Act, 2013 and Company (Authorised to Register) Rules, 2014, says that an LLP can be converted into a Private limited Company.
It offers limited liability, offers tax advantages, can accommodate an unlimited number of partners, and is credible in that it is registered with the Ministry of Corporate Affairs (MCA). At the same time, it has less compliance than a private limited company and is also significantly cheaper to start and maintain.
File an affidavit, duly notarised, from all the partners to provide that in the event of registration, necessary documents or papers shall be submitted to authority with which the firm was earlier registered, for its dissolution as partnership firm consequent to its conversion into private limited company.
In a private limited company the number of members in any case cannot exceed 50. Another disadvantage of private limited company is that it cannot issue prospectus to general public.
There is no minimum capital requirement in LLP. An LLP can be formed with the least possible capital.
LLP does not entertain the concept of shareholders. All the owners in a LLP are considered as Partners in the LLP and are considered as unsuitable for investors such as Venture Capitalists and Private Equity investors who do not possess any desire to indulge in the management of the Company. Private Company is the best choice for investors. If the business is growing then the owners must convert it into a private limited company.
All partners are liable for statutory compliances under Partnership Act Only designated partners are liable for statutory compliances as are required under LLP Act (not necessarily in respect of other Acts). He can also give loans to LLP. Every partner of firm is agent of firm and also of other partners
Three DIN can be applied through SPICe form.
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