A Limited Liability Partnership (LLP) may prove to be a much superior business structure than a regular partnership. LLP are having minimal compliances, tax benefits, limited liability, separate legal entity, no audit requirements below a certain capital, no cap with regard to the number of partners etc.
Conversion of Partnership Firm Into Private Limited Company
Anyone can choose a Private limited company to build a scalable business. It’s the most famous legal structure for business. There is limited liability for all the directors, in case of bankrupt, banks/creditors can sell only company assets but not the personal assets of directors.
A Sole Proprietorship is an easy structure to start your entrepreneur journey, but it might create obstacles in your future growth. If you’re looking to add partners in your business to have more diversity in thoughts, but don’t want too much of disturbance, in the way of compliance, structure or cost, it is wise to switch to an LLP.
The partnership is when two or more people agree to go into business together and both might be from same family or same association, whether or not they have a written contract. Ideally its mandatory to validate the details in a partnership agreement that specifies each partner's rights, responsibilities, and share of the profits.
Converting your sole proprietorship into a Private limited company is often a wise decision. Changing your existing structure of Sole proprietorship to a private limited company might help you to expand your business reach, have better access to various sources of financing, protect your personal assets, manage your liabilities, enjoy tax incentives and benefits given by Govt., attract more investors and approach quality talent for your company.
Convert limited liability partnership (LLP) to a Private Limited Company
Starting a business with a Limited Liability Partnership (LLP) is a good idea. The next stages is when you what to convert Limited Liability Partnership (LLP) to a Private Limited Company for more growth in business or maybe for Funds Raising.
Conversion of Private limited company to Section 8
When a registered private limited company wants to convert themselves to section 8 company then have to seek approval from its existing member in AGM/EGM after passing a special resolution in that meeting.
After this company need to file MGT-14 within 30 days from the date of the resolution to the registrar of the company and for further Process Company need to comply following steps
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