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The shift from traditional partnerships to Limited Liability Partnerships (LLPs) has increased in recent years. The reason behind this is that LLPs offer more flexibility, unlimited partners and the like. But the real driving force behind the shift is due to the fact that LLPs offer a major advantage in terms of limited liability. The strain on the personal assets of the partner is put to rest when it comes to LLPs since they are a-hybrid of both a partnership and a private limited company. Small and medium-sized businesses find this type of organisation structure to suit their needs very well.


The advantages of the Limited Liability Partnership (LLP) form of business outweigh those of the traditional partnership. Limited liability, perpetual succession and unlimited partners are the key incentives for a partnership firm to convert itself into an LLP.

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Benefit of Conversion of Partnership to LLP

Starting a proprietorship firm requires very few legal formalities. This makes it easy for you to establish one with just a little effort compared to the rewards it can get you.
As a proprietor you can select any name as the name of a proprietorship is not registered. However, the name should not breach the registered trademark.
Being recognized by the government and tax registrations, a sole proprietorship has minimum compliance requirements. The mandatory compliances are confined to the yearly filing of GST returns, annual income tax & professional tax return.
If you are the owner of a sole proprietorship, a separate business tax return filing is not required. Rather you will have the business data and numbers charted in individual return. Your business will not be taxed at corporate tax rates. Instead, it will be taxed at personal income tax rates. You can enjoy the benefits of all the deductions that an individual taxpayer enjoys under income tax.
If you are a sole trader, you have the freedom to make quick decisions in all business operations without having to depend on anyone else. You are at liberty to implement your ideas and decisions immediately without anyone’s approval.
As a sole trader only you have access to all your business secrets that are at the root of your success. Thus, you can ensure maximum business confidentiality.
Since in a sole proprietorship concern, the business and the owner are considered as one and not a separate entity, there is no special winding up process as in the case of other entities. The winding up of the business is very easy and the only requirement is cancellation of tax registrations and licenses obtained by the proprietorship business.
Whatever income is generated from the sole proprietorship business, it belongs to the sole proprietor only. There is no sharing of the business profits and losses.
Since in a sole proprietorship concern, the business and the owner are considered as one and not a separate entity, there is no special winding up process as in the case of other entities. The winding up of the business is very easy and the only requirement is cancellation of tax registrations and licenses obtained by the proprietorship business.
Whatever income is generated from the sole proprietorship business, it belongs to the sole proprietor only. There is no sharing of the business profits and losses.

FAQ of Conversion of Partnership to LLP

Yes. One can register their LLP at one’s home address/residential address. You only need a few legal proofs from the owner of the house.
Minimum of two designated partners are required to register a Limited Liability Partnership. But there is no maximum limit to the number of partners. However, one partner of the LLP must at least be a resident of India.
No minimum capital is required when a Limited Liability Partnership is registered. Partners have a choice to contribute through their tangible or intangible assets too. Partners can register their LLP with any amount and ratio.
No, it is not mandatory to have DPIN for incorporating LLP. DPIN is allotted in the Incorporation Form and there is no need to apply separately for DPIN.
Yes, subject to Foreign Direct Investment (FDI) guidelines, a non-resident Indian or a foreign national can become a Designated Partner of a Limited Liability Partnership.
Yes, stamp duty is required to be paid on the LLP agreement depending on the amount of capital and the regulations of the state Stamp Act of the respective state.
Any organization or any individual above 18 years of age with a valid PAN card, including foreigners/NRIs, can become a partner in an LLP.
A partner is responsible only for the rules and regulations given in the agreement and their independent act. A designated partner is liable for filing all the compliances of the LLP, failing which they are liable for a penalty. To become a designated partner DIN is compulsory unlike that in the case of a partner.
An LLP can be converted into a Private Limited Company as per the provisions contained in Section 366 of the Companies Act, 2013 and Company (Authorized to Register) Rules, 2014.
Typically, only start-ups that do not want venture capital funding register for LLPs. Venture capitalists merely invest in public and private limited companies.
Yes, you can. It is not necessary for the property to be registered in the name of the partners.
Yes, an existing private company/partnership firm/ unlisted company can be transformed into an LLP.
a) Income-tax: An LLP is required to pay a tax at the rate of 30% on its entire income. b)Surcharge: The amount of income-tax (as computed above) shall be further increased by a surcharge at the rate of 10% of such tax, where total income exceeds one crore rupees. The amount of income tax and the applicable surcharge shall be further increased by education cess and secondary.
Member

Excellent service, prompt response. Very professional approach to the entire process. Special thanks to Kirankumar sir who made it very easy for me

Nanak Bajaj

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I always had a great experience with VMC Group. It is since 7 years that I am getting all my Income tax, GST, LLP Compliance done through them

Vikrant Bodke

Partner

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Amit Singh

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Director

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Proprietor

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Director

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Proprietor

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Thank to all team members of VMC GROUP your customer support is really like Backbone... Special thanks to "Mr. Kirankumar" 

Amit Jethwa

Proprietor

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I appreciate your service and will surely recommend to my friends who are looking for registering their company. It was a excellent job

Dinesh Dewada

Proprietor

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Director

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Director

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Director

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Director

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Director

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Director

Member

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Mohan Dewada

Proprietor

Member

I am new at incorporation field but VMC GROUP helps me out & I would like to mention especially for Ms Pratibha Varia guided me all through the

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Director

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Proprietor

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Partner

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CEO

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Partner

Member

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Proprietor

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Proprietor

Member

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Director

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Proprietor

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Proprietor

Member

My first experience today and it was really a wonderful experience. Quick updates and follow ups considering the criticality of the work, I'm very happy with the services provided Ms Manisha walked me through some of the processing very patiently and kept regular updates. Thank you

Darshan Kaklotar

Proprietor

Member

Sonali is prompt and cooperative; i had a smooth experience in filing my annual returns and also during LLP establishment. I thank her and wish good luck :-)...

Subhash Bhagyawant

Partner

Member

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Director

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Partner

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Director

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Proprietor

Member

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Director

Member

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Rama Singh

Proprietor

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