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Process For Changing A Company Into An LLP [Video]

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What is a private limited company?

Where the shares of the company are held privately is known as a private limitedcompany. The directors are appointed to conduct the business on your behalf oryou conduct the business

What is a limited liability company?

As per the investment, the liability of all partners in the limited liabilitycompany is limited. In this kind of business, the partners’ personal propertycannot be kept. That’s one of the most common reasons that individuals orbusinesses choose this as a partnership.

Conditions for conversion for LLP registration:

  1. All the company’s members should agree to the option of conversion
  2. The partners of LLP will be the members of the Private company
  3. An up-to-date copy of Income Tax Returns should be there with theRegistrar of companies
  4. The conversion must involve the approval of the members as well as thecreditors of the private company
  5. According to the Companies Act, no prosecution should start any of theprocesses to be followed.

The documents …

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