CONVERSION OF PROPRIETORSHIP FIRM INTO LLP

CONVERSION OF PROPRIETORSHIP FIRM INTO LLP

Key Benefits

A) Automatic transfer
All the assets and liabilities of the firm immediately before the conversion become the assets and liabilities of the LLP.

B) No Stamp Duty
All movable and immovable properties of the firm automatically vest in the LLP. No instrument of transfer is required to be executed and hence no stamp duty is required to be paid.

C) No Capital Gain Tax
No Capital Gains tax shall be charged on transfer of property from firm to LLP.

D) Continuation of Brand Value
The goodwill of the firm and its brand value is kept intact and continues to enjoy the previous success story with legal recognition.

E) Carry Forward and Set off Losses and Unabsorbed Depreciation
The accumulated loss and unabsorbed depreciation of firm is deemed to be loss/ depreciation of the successor LLP for the previous year in which conversion was effected. Thus such loss can be carried for further eight years in the hands of the successor LLP.

Procedure For Incorporate LLP

SR.NO PARTICULARS
EXPECTED TIME
1 Preliminary Documentation

• Discussion With Our Team
•  Getting Self Attested Documents Such Pan, Id       Proofs, Address Proofs. Etc.
•  Sending Documents To Team
Varies According To Client
2 DSC Of At least One Designated Partners
1
3
Din Of All Designated Partners 1
4 Checking Name Availability And Preparing Object Moa AOA Varies According To Time Taken By Clients
5 Application For Name Availability
(Form 1)
5
6 Filling Incorporation Documents •  Filling E-Forms 2
•  Payment Of Fees And Stamp Duty
•  Upload E-Forms
•  Getting Incorporation Certificate

5
7 Drafting Agreement & Filling Form •  Stamping Of Agreement
•  E-Form 3
•  Upload Form And Pay Fees

5