A registered limited company in India (Private or Public) has a lot of complex formalities and incurs additional overheads for managing affairs including mandatory board meeting, maintenance of statutory records, filling of e-forms with MCA etc. Absence of such mandates for LLP combined with advantages such as non-applicability of dividend distribution tax on profit repatriation, transfer of profit rules and deemed dividend profit issues, makes it a profitable approach for small scale private limited companies to convert from Private Limited to LLP.
The Private Limited Company Can be converted into Limited Liability Partnership at any time with prior approval of its members and directors.
There must be called a Board meeting to decide fix and update the date, time and place for holding the Extra-Ordinary General Meeting for passing the Special Resolution for the conversion.
The conversion requires certain formalities with correspond to Income Tax Laws, Companies Laws and as such lwas as applicable to the company.
A registered limited company in India (Private or Public) has a lot of complex formalities and incurs additional overheads for managing affairs including mandatory board meeting, maintenance of statutory records, filling of e-forms with MCA etc. Absence of such mandates for LLP combined with advantages such as non-applicability of dividend distribution tax on profit repatriation, transfer of profit rules and deemed dividend profit issues, makes it a profitable approach for small scale private limited companies to convert from Private Limited to LLP.
The Private Limited Company Can be converted into Limited Liability Partnership at any time with prior approval of its members and directors.
There must be called a Board meeting to decide fix and update the date, time and place for holding the Extra-Ordinary General Meeting for passing the Special Resolution for the conversion.
The conversion requires certain formalities with correspond to Income Tax Laws, Companies Laws and as such lwas as applicable to the company.
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