A partnership firm can be easily converted to LLP by following the procedure as mentioned below. But there are some prerequisites to be fulfilled before conversion which are as follows:
- All the partners must agree for the conversion
- All the partners must be same in LLP
- There must be same capital as in partnership firm on the date of conversion
- Partnership firm must have filed all the Income tax returns
- NOC from creditors
- NOC from other authorities as applicable
- Obtain DSC of the partners
The process to convert a partnership firm to LLP is as under
- Apply for name of the LLP
- File form for conversion with the necessary attachments
- File form for agreement of LLP
- Apply for changes in PAN and TAN
- Make changes in all other registrations
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