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process of acquiring Partnership by an llp

21 February 2019

Hello everyone
One of my close relative have a LLP they want to acquire partnership firm. I already searched on google but i always get solution for conversation of LLP into partnership So I can't find anything relating to how to acquire a partnership firm by a LLP .so Please let me know the legal process for acquiring Partnership firm by a LLP.( Location - Bangalore)

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3 Replies

MONTUS KUMAR (ACCOUNTANT) (83 Points)
Replied 23 February 2019

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kajol (Executive) (201 Points)
Replied 25 February 2019

LLP Form 17 (Application and Statement for the Conversion of Partnership Firm into Limited Liability Partnership (LLP)) must be filed along with the incorporation application and subscribers sheet while converting a partnership firm into a LLP. Further, the following documents must be mandatorily attached to the LLP Form 17:

Statement of consent of partners of the firm;
Statement of assets and liabilities of the firm duly certified as true and correct by the Chartered Accountant in practice;
Copy of acknowledgement of latest income tax return (Mandatory);
Approval from any regulatory body/ authority (Mandatory, in case applicable approvals from the concerned body/ authority or authorities is required and have been obtained);
List of all the secured creditors along with their consent to the conversion (Mandatory in case consent of all the secured creditors for conversion of the firm into limited liability partnership has been);
Clearance or No Objection Certificate from Tax Authorities;

Once, LLP Form 17 is prepared it must be digitally signed by a Designated Partner and a Chartered Accountant (in whole-time practice) or Cost Accountant (in whole-time practice) or Company Secretary (in whole-time practice).

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