The legal process of converting an existing Partnership Firm into a Limited Liability Partnership, transferring all assets, liabilities, and business continuity to the new LLP structure.
Partnership firms wanting the liability protection and structured governance of an LLP while retaining the existing business.
Ministry of Corporate Affairs (MCA), LLP Act 2008 (Third Schedule)
Partnership Deed & PAN of the firm; consent of all partners; statement of assets & liabilities; PAN & Aadhaar of designated partners; NOC from creditors (if any); DSC & DIN of designated partners.
Yes, all partners of the firm must become partners of the LLP.
The conversion is generally tax-neutral if prescribed conditions under the Income Tax Act are met.