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. It is possible to convert Limited Liability Partnership into a Private Limited Company in Indian in accordance to section 366 of the Companies Act, 2013 & Company (Authorized to Register) Rules, 2014. There are many requirements which are necessary for converting an Private Limited Company into a Private Limited Company. Few steps involved to perform such as :
An approval from all the partners along with the advertisement in local newspaper & a national newspaper,
No Objection Certificate (NOC) from the ROC
Benefits of Convert limited liability partnership (LLP) to a Private Limited Company
1- Shields personal assets from business liability, limits liabilities of Directors.
2- The Private Limited Company (Pvt. Ltd) continues to exist even after the death of the Shareholders
3- Open doors to raise capital from a venture capitalist, angel investor, financial institutions etc.
4- Creates brand value as private limited structure is more transparent compared to other business structures.
5- Ownership gets transferred by just transferring shares.
6- Private Limited Company being a unique identity, can own/acquire and alienate, property in its name. Property owned could be anything like copyrights, patents, machinery, building, intangible assets, land, residential property, factory etc.
Funding or Borrowing Capital
It’s easy for private limited company to get funding or borrow capital from angle investors / venture capitalists / banks / Financial Institutes in comparison to other company types.
Corpseed procedure for Conversion of Partnership to Private Limited Company
Step 1: Contact Corpseed team, provide the necessary documents to initiate the conversion process.
Step 2: We will assign a dedicated and skilled resource to process your request for conversion.
Step 3: Apply for Company Name Reservation
Step 4: Draft Articles of Association and Memorandum of Association
Step 5: Apply for Company PAN
Step 6: Apply for Company TAN
Step 7: Apply for Corporate Identification Number (CIN)
Step 8: We will apply for Incorporation certification.
Step 9: Once your Private Limited is incorporated, we will send you all the documents.
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Each company in India has to follow a set of compliances as set by different other regulatory bodies. The ‘Company Annual Compliance’ regimes need companies to gather their business information and update the regulatory bodies such as Ministry of Corporate Affair (MCA), Income Tax Department other regulatory bodies.
At Corpseed, we are committed to offer our services to the entrepreneurs and businesses as a very cost-effective proposition. We believe that a customer is always right and the focus of any business activity should be to serve the customer with utmost loyalty. All our services come with SLAs (Service Level Agreements) for on-time service delivery and money back guarantee to ensure high level of customer satisfaction.
At Corpseed, our valued customers are always kept in the loop as far as service delivery timeline is concerned and we inform our customers every time a milestone is achieved during each stage of service request processing. But we also believe that we may come across a customer who is not satisfied with our efforts. For that we have a very responsive Customer Care Department which work 24x7 to attend to and solve customer complaints. We also have a money back guarantee for those, who want their service charges to be refunded.
At Corpseed, We believe it is our responsibility to protect our customer information from unauthorized access. We have put systems and processes in place to make sure that the customer information is safe with us during its storage and transfer between in house and third party servers. We continuously test our systems and processes for security breach and vulnerabilities are identified and fixed at a regular basis.
If a customer is not satisfied with the service we provided and if he contacts our customer care helpline and files a formal complaint within 15 days of service delivery date, Corpseed would refund the entire or partial amount of Professional Fee charged for that particular service.
If a customer is having issues with our service delivery process, he has various alternatives available at his disposal to register his grievance with us. He can either email his complaint at firstname.lastname@example.org or he can call our 24x7 Customer Care Helpline. Also, any customer is always welcome to visit our office to lodge a complaint with the senior management.
A customer can buy our services directly from our online platform, for which he need to make online payment. Once he clicks on "Apply Now", a new window will open, a customer is required to submit the information in the respective fields and click "Make Payment". A unique ticket number will be auto generated, the customer need to quote this number as reference for any enquiry regarding his service request.
All the monetary transactions performed on Corpseed online platform are secured with SSL System Protocol. We encrypt the customer information such as credit card and bank account details, before these are transmitted anywhere. We adhere to PCI DSS for data security standards for payment processing.
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