Conversion of Your LLLP to Pvt Ltd Company: Steps Involved
Do you want to upgrade your establishment of an LLP to a higher level to that of a Private Limited Company? Power of Factorial Business Solutions will be able to assist you in making this shift as smooth and quick as possible. Such a change can bring a great amount of added advantages regarding credibility, access to wider markets, and access to more funding opportunities.
Why Change from LLP to Pvt Ltd
Credibility: A Private Limited Company is usually easier to recognize and has more credibility as compared to a Limited Liability Partnership. This might be very important in inspiring confidence in customers and partners.
Access to Funds: In the case of a Private Limited Company, access to funds is relatively easy with equity financing and venture capital, which becomes hard in the case of LLPs.
Growth Opportunities: Converting to a Private Limited Company provides ease in the expansion and scaling up of business operations.
Tax Benefits: A private limited company has the liability to avail itself of more tax benefits. Normally, the corporate rate is lower than that levied on individuals, and benefits are given on retained earnings.
The LLP protection is somewhat similar, with protection extended to its shareholders in a private limited company. Personal assets are safe from business debts.
Process of Conversion: All You Need to Know
Prepare: Assess your business needs and goals to decide whether this will be a good decision for your company or not. Consult a professional expert at Power of Factorial Business Solutions to get personalized advice.
Documentation: Preparation of all the required documents regarding the conversion that includes the financial statements of the LLP, details of the partners, the proposed structure of the company.
Approval: The conversion needs to be approved from the partners/members of the LLP. This makes sure that mutual consent of each party is taken for going ahead with the change in the organization pattern.
Filing with Authorities: File, with the RoC, the papers required to be filed for giving effect to the conversion, including an application for conversion supported by forms as may be required under the law.
How Power of Factorial Business Solutions Can Help to convert LLP to Pvt Ltd .
Power of Factorial Business Solutions will help you right from the beginning to the very end in the conversion process of your LLP into a Private Limited Company. The team at Power of Factorial Business Solutions will handle all the paperwork and compliance-related issues and support you during and after the transition process.