Limited Period Offer*
A Proprietorship firm generally converts to a Limited Liability Partnership (LLP) to reduce its liabilities. An LLP is a business that has a minimum of two members and has no upper limit on the number of members. After conversion to an LLP, individual partners are safeguarded from joint liability produced by another partner's misconduct since no partner is liable for the illegal actions of other partners. A Proprietorship of professionals, micro and small businesses that are family-owned or closely-held typically prefer the LLP form of business.
Proprietorships convert to an LLP to take their business to the highest level. When a Sole Proprietorship converts to an LLP, there forms a joint venture made up of partners whose liability is restricted to the capital invested by each. The personal property of the partners is not liable for the firm's debts under an LLP. So, an LLP has a broader scope of business than a Proprietorship which pushes it to convert to LLP.
Key points of LLP
Documents required for conversion to LLP
The following are the documents required for conversion of Proprietorship to LLP:
Offices in India
Credence Corporate Solutions Pvt Ltd is one of the leading Online Business Solution Company in India, where any Large, Medium or Small business houses as also Entrepreneurs get Start-up services and Taxation solutions. One stop business set-up and corporate services company. We are a team of Professionals and Associates like Chartered Accountants, Company Secretary and Consultants with vast knowledge and experience, committed to provide consistent, customized and workable solutions in the fields of ROC, Taxation, Accounting, Labour Laws, Audits, etc...Read More
Get the latest company news, corporate information, and more on Credence Corporate Solutions. View this section for the recent information on Company Registration, Licenses, GST, Income Tax, Trademark, Product Mark and other topics. Get to chat with our business experts, read business articles, and stay up-to-date on the newest business news.
Today, by virtue of many outsourced accounting firms, many startups in India can avail of the maximum benefits from the outsourced accounting services, bookkeeping s...Read More
Startup India initiative was launched on January 16, 2016, by the government of India. The objective was to support entrepreneurs and build a strong ecosystem for promoti...Read More