Hi Experts,
I am planning to convert my private limited company with 5 lakh authorised capital and 3 lakh paid up capital to LLP. But I have few questions:
1. I have not filed the anual return for the company yet. Can I apply for convertion now and if yes then do I need to file the company annual return later?
2. I understand that I need to show 3lakh as total partnership share as that is the paid up capital amount. Please correct me if I am wrong.
3. I understand that the company status will be converted to disolved once the LLP converstion gets complete. Please correct me if I am wrong.
4. Please let me know the maximum limit on partner's salary that is permissible under the law.
5. I understand that I need to apply afresh for Service tax, EIC, ESIC etc and surrender the present ones. What should I mention in the application while surrendering? Discolution of company or conversion of company to LLP?
6. Finally I read somewhere on CACLUB that LLP can not own properties unlike a company. Please put some light on this area as well.
Thanks in advance for the replies.
Dwarika
CAclubindia
