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.
If you don’t want to take responsibility or liability for another partner's misconduct, incompetence or negligence and also want to limit your liabilities for the debt and losses. If you want to enjoy tax benefits, then LLP might be the best option to go with.
Step 1: - Contact Corpseed team, provide 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: - We will help you with Preliminary Documentation:
Step 4: - We will verify your company name, apply for DSCs & DIN.
Step 5: We will apply for Incorporation certification.
Step 6: - We will draft LLP Agreement, stamping it & file for Incorporation
Step 7: - Once your LLP is incorporated, we will send you all the documents and DSCs
Note: - Whole conversion process takes between 25-30 days and also depends upon documents provided by applicant and approval speed by the government
Must have minimum 2 Shareholders for LLP Registration
Must have Minimum 2 Directors
DIN is mandatory for all Directors
All the assets and the liability of the Sole Proprietorship becomes the assets and the liability of the newly formed company
1. Connect to Corpseed
2. Provide necessary documents required for converting Sole Proprietorship to LLP
3. Our expert CA will help you to convert your Sole Proprietorship to LLP
Any individual can become the member of LLP. A foreigner or NRI can also become a member of LLP
It is wise to go for LLP to have better growth and market accessibility