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A large number of SME businesses started in past 7-8 years as LLP are looking for the opportunity under the Private limited status. They are aggressively willing to convert to a private limited company due to the growth in business or for infusion of equity capital. When the new Companies Act, 2013 was enacted, it specifically had those provisions which were missing under the Companies Act, 1956. As per Section 366 of the Companies Act, it provides that any partnership firm, LLP, cooperative society, or any other business entity formed under any other law consisting of seven or more members, may at any time register under the Companies Act, 2013 as an unlimited Company or Company limited by shares by following the procedures as provided under the rules.
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Please ensure the following things before going for conversion:
Procedure:
ROC may also ask for any further clarification if required. Once all the clarifications are provided, the certificate of the incorporation is issued by the registrar of the companies which is the conclusive evidence of company incorporation.
Section 366 of the Companies Act, 2013[1] has enumerated that existing LLPs have an option to convert themselves into a Company, which is a welcome move by the Ministry of Corporate Affairs.
Once you get the approval of name, file Form URC-1 along with the following documents:
Entrepreneurs have been switching over to Private Limited Company considering the following reasons:
The following points may be considered:
There are various requirements which have to be satisfied in order to convert an LLP into a Private limited Company. MCA has simplified these procedures. In case you have any other query related to Conversion of LLP, contact Enterslice.
Read our article: Importance of Digital Signature Certificate in Personal and Business Transactions
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