Q.1 Can an existing partnership firm be converted to LLP in India?
Yes, an existing partnership firm may be turned into an LLP by following the provisions of LLP Act clause 58 and Schedule II. For such transfer and integration of an LLP, Form 17 must be filed alongside Form 2.
Q.2 Can an existing company be converted to LLP in India?
Yes, any existing private company or unlisted public company may be turned into an LLP by following the provisions of clause 58 and Schedule III and IV of the LLP Act. For such conversion, Form 18 must be filed with the registrar along with Form 2.
Q.3 Can a listed company be converted to LLP in India?
No, only private / unlisted public company can be converted into LLP.
Q.4 What will be the obligation of a partner in case he changes his name or address?
Any change in a partner’s name or address must be reported to the LLP within fifteen days of the change. In exchange, the LLP will be required to file such information with the Registrar within thirty days of such shift in Form 4.
Q.5 Is it mandatory to file and get registered the partnership agreement under LLP in India?
Yes, it is necessary to conduct and file an LLP Agreement in accordance with Sections 2(0) & (q), 22, and 23 of the Act.
In the absence of agreement on any issue, the joint rights and obligations shall be as provided for in Schedule I to the Act, according to the provisions of the LLP Act.
As a result, if any LLP wishes to exempt any or more of the provisions/requirements of Schedule I to the Act, it must enter into an LLP Agreement expressly prohibiting the applicability of any or all paragraphs of Schedule I.
Q.6 What are the documents required to be filed by a LLP annually?
Annually, LLPs must file LLP Form 8 (Statement of Account & Solvency) and LLP Form 11 (Annual Return). The ‘Annual Return’ must be filed within 60 days of the end of the fiscal year, and the ‘Statement of Accounts & Solvency’ must be filed within 30 days of the end of the six-month period of the fiscal year to which it applies. Any LLP is required to keep a consistent fiscal year ending on 31st March of a year.
Q.7 Can LLP give any other address (besides its registered office) for the purpose of receiving communication from Registrar in India?
The Act states that a document can be served on an LLP or a spouse or named partner by submitting it by post or any other mode (to be specified by Rules) to the registered office and any other address expressly declared by the LLP for the purpose in such form and manner as may be prescribed (in the rules).
Thus, an LLP can declare one additional address within the jurisdiction of the same ROC (other than the registered office) for receiving legislative notices/letters, etc. from the Registrar.
Q.8 What are the provisions for reservation of name by a foreign entity under the LLP Act in India?
Through submitting an application in eForm 25, a foreign company may request the reservation of its name or the renewal of a previously reserved name.
The name will be reserved in the scheme for three years, and an application for name renewal must be filed before the three-year term expires. In the event of a name renewal, the name may be reserved for a further three years after renewal date.
Q.9 Whether a foreign LLP can establish a place of business in India?
Foreign LLPs can open a branch in India by filing Form 27, which includes the specifics of the foreign LLP’s incorporation, the names of its directors and associates, and the names of at least two approved members in order to comply with the LLP Act’s regulations.
Q.10 Can I apply for certified copies of the documents as filed and as registered by a LLP?
Yes, a user can take a certified copy or extract of any document from the below mentioned list of documents by paying a nominal fee of Rs. 5/- per page:-
• Incorporation document,
• Names of partners and changes, if any, made therein,
• Statement of Account and Solvency
• Annual Return