All partners of the existing firm must become partners in the LLP.
The firm should be registered under the Indian Partnership Act, 1932.
Digital Signature Certificate (DSC): For designated partners.
Director Identification Number (DIN): For at least two designated partners (can be obtained with the LLP incorporation form).
File RUN-LLP (Reserve Unique Name) on the MCA portal to reserve the name of the LLP.
You can apply with the same name as the partnership firm if it's available.
File FiLLiP (Form for incorporation of LLP) with:
Details of partners and business.
Address proof.
Identity proof of partners.
Consent of partners (Form 9).
Subscriber’s sheet.
This is specifically for conversion of a firm into LLP.
Attach:
Statement of partners.
Statement of assets & liabilities (certified by a Chartered Accountant).
List of all secured creditors (with their consent).
Copy of latest income tax return acknowledgment.
Consent of all partners for conversion.
File Form 3 within 30 days of incorporation to register the LLP Agreement.
The agreement must detail the rights, duties, and obligations of partners.
On approval, the Registrar issues a Certificate of Incorporation for the LLP.
The partnership firm is considered dissolved from this point.
Update PAN and other registrations (GST, bank accounts, etc.) to reflect the LLP structure.
Intimate concerned authorities (like the Income Tax Department) about the conversion.
Transfer all assets and liabilities to the LLP.
No capital gains tax liability arises on such conversion under Section 47(xiiib) of the Income Tax Act if certain conditions are met.
The LLP must have the same partners as the original firm.
No partner should receive any consideration or benefit other than shares in profit and capital contribution in LLP.