Service Overview
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.
Who Needs It / Purpose:
Partnership firms wanting the liability protection and structured governance of an LLP while retaining the existing business.
FAQs:
Q: Do all partners of the firm need to become partners in the LLP?
A: Yes, all partners of the firm must become partners of the LLP.
Q: Are there tax implications for this conversion?
A: The conversion is generally tax-neutral if prescribed conditions under the Income Tax Act are met.