<p>Conversion of Company into LLP </p> | Dikshant Malhotra & Associates

Dikshant Malhotra & Associates

Conversion of Company into LLP

The Limited Liability Partnership (LLP) structure has gained immense popularity due to its flexible and tax-efficient framework. Many companies are opting to convert into LLPs to take advantage of the benefits of a partnership combined with the limited liability of a company. At Dikshant Malhotra & Associates, we specialize in guiding businesses through the conversion of a company into an LLP, ensuring compliance with all legal requirements while making the transition as seamless as possible.Benefits of Converting a Company into LLP:

1. Tax Benefits: LLPs enjoy favorable tax treatment compared to companies, especially since they are not subject to Dividend Distribution Tax (DDT) and Minimum Alternate Tax (MAT).

2. Lower Compliance Requirements: LLPs have fewer compliance obligations compared to companies, saving both time and money.

3. Flexibility in Management: LLPs provide more flexibility in managing business operations compared to companies, which are subject to stringent rules under the Companies Act.

4. No Audit Requirement: LLPs are only required to audit their accounts if their annual turnover exceeds a certain threshold, unlike companies that must audit their accounts regardless of turnover.

5. Limited Liability Protection: LLP partners enjoy the benefit of limited liability, protecting personal assets while allowing for business growth.

6. Easy to Raise Funds: LLPs can attract investment through flexible capital arrangements, making it easier for the business to grow.

7. Continuity of Business: Converting into an LLP ensures the business can continue without the need to wind up the company. The same business operations and assets continue with a new legal identity.

Process of Converting a Company into LLP:

1. Preliminary Analysis:

- We begin by conducting a thorough review of the company's financial and legal standing to determine whether conversion into an LLP is feasible and beneficial.

-Our team ensures that the company meets the eligibility criteria for conversion as per the Limited Liability Partnership Act, 2008.

2. Obtain Name Approval:

The proposed LLP name must be approved by the Registrar of Companies (ROC).

We assist in checking the availability of the desired name and filing the RUN-LLP (Reserve Unique Name for LLP) application.

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Registration

Conversion under Companies Act 2013

Trademark

Compliance under Companies Act 2013

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