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.
Shields personal assets from business liability
The LLP continues to exist even after the death of the Partner
Separation of your business from your personal money
A highly flexible management structure
No Audit by a Chartered account if turnover is less than Rs.40 Lac
No Audit if Capital contribution is less than 25 lac
Corpseed procedure for Conversion
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:
Ascertaining document requirement and availability
Preparation of documents
The signing of the Incorporation documents by Promoters
Submitting the Signed documents to ROC
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
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