As businesses mature, many partnership firms explore conversion into a private limited company to unlock new growth opportunities and advantages. This blog will explore the reasons for conversion, the step-by-step process, advantages over a partnership, essentials for conversion, and compliance requirements under the Companies Act/b>, 2013.
Converting a partnership firm into a private limited company can provide significant benefits:
Limited Liability: Partners' personal assets are protected from business liabilities.
Perpetual Succession: The company continues to exist independently of its owners.
Easier Capital Access: Private limited companies can raise funds more easily through equity and debt.
Enhanced Credibility: Being a registered company improves credibility with clients, suppliers, and investors.
Share Transferability: Shares in a private limited company can be transferred, allowing for smoother ownership transitions.
Hold a Meeting of the Partners:
Attain the consent of at least 75% of the partners.
Authorize one or more partners to take necessary steps for registration.
Prepare Necessary Documentation:
Draft and execute a supplementary partnership deed aligning with the conversion requirements.
Obtain Name Approval:
File Form INC-1 with the Registrar of Companies (ROC) for name approval, including required attachments like the partnership deed and financial statements.
Publish Advertisements:
Publish advertisements in two newspapers (one English and one vernacular) notifying the public about the conversion.
File Incorporation Documents:
Submit the incorporation application, including Memorandum of Association (MoA) and Articles of Association (AoA), along with other statutory documents.
Obtain Certificate of Incorporation:
Upon successful registration, the ROC issues a Certificate of Incorporation, officially marking the conversion.
Limited Liability: Shareholders are only liable for the company’s debts up to their shareholding amount.
Attracting Investment: Easier to attract investors due to structured equity options.
Tax Benefits: Private limited companies may benefit from various tax deductions and incentives.
Structured Management: A formal structure allows for defined roles and responsibilities, improving operational efficiency.
Registered Partnership Firm: The firm must be registered with a minimum of seven partners.
Shareholders and Directors: At least seven shareholders and two directors are required for a private limited company.
DIN and DSC: All directors must obtain a Director Identification Number (DIN) and Digital Signature Certificate (DSC).
Ensure adherence to provisions outlined in the Companies Act, including filing forms, maintaining statutory registers, and adhering to corporate governance norms.
Understand the legal obligations for ongoing compliance, such as annual filings and audits, to maintain the company's good standing.
Converting a partnership firm into a private limited company is a strategic move that provides various benefits, including limited liability and enhanced growth opportunities. Following the outlined steps and ensuring compliance with the Companies Act, 2013 is crucial for a smooth transition. Engaging with a Chartered Accountant, like Anil D’Souza and Associates (ADCA),can provide invaluable guidance throughout the conversion process, helping partners navigate the complexities and set the foundation for future success.
Yes, a partnership firm can be converted into a private limited company by following the legal requirements outlined in the Companies Act, 2013.
Yes, it is possible to change a partnership to a limited company through a formal conversion process, which includes obtaining partner consent and filing necessary documents with the ROC.
The accounting procedure involves the valuation of assets and liabilities, recording the transfer of ownership, assessing tax implications, and preparing final accounts for the partnership.
There are generally no capital gains tax implications during the conversion if specific conditions are met, such as all partners becoming shareholders. Additionally, accumulated losses and unabsorbed depreciation can be carried forward.
The conversion of a partnership firm into a Limited Liability Partnership (LLP) is governed by Section 55 of the Limited Liability Partnership Act, 2008.
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Limited Liability Partnership Act- 2008 gave a new and easy way to run a business with less of compliance which also reduces compliance cost and provides tax benefits etc. LLP helped small business/ new entrepreneurs to run their business in an easy and cost-effective way. Let’s have an overview of the comparison between Private Limited Company and LLP.
LLP is governed by Limited Liability Partnership Act- 2008 which came in to force on 1st day of April 2008. This Act was introduced with the idea of promoting MSME Sector (Micro Small Medium Enterprise) with the advantage of self-governance and less compliance.
LLP is an alternate corporate body, comprising the benefit of both Company and Partnership.
A registered limited company in India (Private or Public) has a lot of complex formalities and incurs additional overheads for managing affairs including mandatory board meeting, maintenance of statutory records, filling of e-forms with MCA etc. Absence of such mandates for LLP combined with advantages such as non-applicability of dividend distribution tax on profit repatriation, transfer of profit rules and deemed dividend profit issues, MAT provisions.
In India, formation, registration, and regulation of an LLP is exclusively governed and controlled by the rules, provisions, and regulations provided in the LLP Act of 2008 and the LLP Rules of 2009. The Ministry of Corporate Affairs (MCA), Government of India, and its well-equipped web portal [www.llp.gov.in] is directly concerned for establishing an LLP.
The comparative chart of compliances to be made by a company and LLP is given below:
|
Particulars |
LLP |
Private Company |
|
Maintenance of Statutory Records |
No statutory registers are required to be maintain by LLP |
As per Companies Act,2013 many statutory registers are required to be maintained eg. Register of Members etc. |
|
Convening of Meetings |
No such requirement |
Require to hold Meetings as per Section- 173. (At least Two Board Meeting and one Annual General Meeting for Small Company and At least four Board Meeting and One Annual General Meeting for other than Small company). |
|
Addition & deletion of Directors |
Require to amend LLP Agreement and File E-form- 3 & E-form-4. |
Require to Pass Resolution in General Meeting, File e-form-DIR-12 and require many documents from the person who is appointed as Director. (As per Section-152 of Companies Act, 2013.) |
|
Increase in Capital |
Only require to amend LLP Agreement and File e-form Form-3. |
Require to Pass Ordinary resolution in General Meeting and file form SH-7. |
|
Annually form filling requirement |
Only Two annual E-form- 8, E-form-11 |
There are much formsE-form-AOC-4 E-form- MGT-7, E-form- MGT-14 E-form-ADT-1 |
|
Loans & borrowings |
As per LLP Agreement |
There is Cap for Loans and Borrowings as per section 179 & 180, Require to hold Board Meeting and file form with ROC. |
|
Related Party Transactions |
No restrictions |
Transaction to be at arm’s length price only and as per provisions of Secton-188 of Companies Act-2013. |
|
Audit of Accounts |
Require only if turnover above 40 lacs or Contribution more than 25 lacs. |
Audit is Compulsory. |
Benefits of LLP as compared to Corporates
|
Particulars |
LLP |
Private Company |
|
Members |
Minimum 2 Partners |
Minimum Member-2, Maximum Member- 200 |
|
Easy to Form, Run and manage |
No Minimum Capital requirement for Incorporation |
Minimum Capital for Incorporation of Private Limited Company is Rs. 1,00,000/- and for Public Limited Company is Rs. 5,00,000/-. |
|
Management through |
LLP Agreement |
MOA and AOA of the Company |
Benefits under Income Tax Law
Procedure to convert a Company into LLP.
Designated Partners of LLP must have their DIN and DSC.
Any private company or unlisted public company can be converted into LLP. However, in this case LLP shall take the same name as that of the company at the time of conversion.
Attachments: Board Resolution passed by the Company approving the conversion into LLP shall be attached with the aforesaid form
File LLP Form-2
Attachment:
LLP agreement has to be drafted line with LLP Act. It is not mandatory to file LLP agreement at the time of registration and same can be file within 30 days from the date of incorporation. Designated partners are responsible for doing all acts, matters and things that are required to be done for complying with the provisions of the LLP act. They are liable to all penalties imposed on the LLP. So it is very important to draft LLP agreement with professional help.
File LLP E-Form-18 with the ROC
Attachment:
Attachment: LLP Agreement
As per notification dated 15th October, 2015 issued by Ministry, Form-14 is not required to be filed in case of conversion of private company/unlisted public company into LLP.
Attachment:
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Leviability is essential feature to collect tax from any taxable person. In absence of leviablity, tax could not be collected. Under the new tax regime GST, the concept of leviablity is paradigm history in the levaiblity of indirect taxes.
1.Introduction
Leviablity gives the power to the taxation regime to collect taxes from any person. In the absence of levy, tax could not be charged and collected. GST contains crucial provision in relating to levy of tax which are discussed hereunder.
2.Levy of tax under CGST & SGST
The power to levy tax is provided in section 8 of the revised model of GST law. Asper the relevant section Central & State GST is to be levied on interstate supply of goods and services as per the value determined of the said goods and services in terms of provision of this act. Although the rates of taxes is not notified in the law itself but the law provides for the caping of taxes rates and the said cap is fourteen percent.
3.Levy of tax under GST
The power to levy taxes is provided in section 5 of the revised model IGST law. As per the relevant section IGST is to be levied on all interstate supply of goods and services as per value determined of the said goods and services in terms of the provisions of the act. Although the rates of taxes is not notified in the law itself but the law provides for caping of tax rates and the said cap in twenty eight per cent.
IGST will be levied on goods imported into India inaccordance with the provisions of section 3 the Customs Tariff Act 1975 at the point when duties of customs are levied on the said goods.
4.Reverse Charge
Presently, payment of tax on reverse charges basis is applicable in case of provision of services. The concept will be carried forward as legacy for services and newly introduced for supply of goods. However, the goods and services tobe notified for reverse charge will be on the recommendation of the council, In the case of reverse charge the person receiving the supply has to pay taxes and the provisions of the act shall apply accordingly.
5.Electronic Commerce Operator.
In the digitization era an increasing online shopping of goods and services ,electronic commerce are also covered in the tax net and the same shall be liable to Pay taxes on notified goods and services on the recommendation of the council.
Further in the present global market, one can provide platform for supply of goods and services from any part of the world. Accordingly, if the electronic commerce operators situated in any parts of the world except India, then he hasto appoint some person on its behalf to comply with the provisions of the GST.
6. Composition of Levy
The small scale business man always enjoys some privileges. Composition levy is one of such benefits. Present laws contains different monetary limits from composition levy in addition to different monetary limits in different states. However GST being a uniform law will provide single composition scheme to be applicable through India. Accordingly business with taxable turnover not exceeding fifty lakhs can avail the option of paying composition fees. The composition fees are different for manufacturers and others. In case of manufacturing industry rate of composition is 2.5% and for others it is 1%.
7. Restriction under Composition Levy
Payment of option under composition scheme calls for limitation or restrictions, stated as under-
1. This option is not available to the person who is engaged in supply of services. Meaning thereby the provider of service cannot opt for composition scheme. Further the language suggest that in case of a person engaged in supply of services and goods both the also the option of composition scheme in not available.
2. The option to pay composition schemes is not available to the person who are not leviable to tax under this act.
3. The person making inter-state supply can also not avail of this option.
4. The electronic commerce operator who is required to collect tax at source also cannot avail of this option.
5. The manufacturer of notified goods are also not eligible to avail of the option of payment of taxes under composition fees.
6. In case turnover RS 50 lakhs the for the turnover exceeding RS 50 lakhs this option for paying tax under composition scheme will not be available.
7. The person availing the benefit of paying taxes under composition scheme are not eligible to avail of input tax credit.
Read More
1. A Simple Guide To Resolve Your GST Registration Rejected Application
2. Filing Of NIL GSTR 3B Through SMS
3. Special Economic Zones - Related Issues Under GST
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Presently the following services are exempt from service tax as per entry no 9 of the Mega Exemption Notification 25/2012.
Services provided :-
(a) by an Educational Institution to its students, Faculty, and Staff.
(b) by any person to an Educational Institution, by way of
(i) transportation of students, faculty and Staff.
(ii) Catering, or cleaning or house keeping services performed in such educational institution.
( iii) Services relating to admission to , or conduct of examination by, such institution.
The notification 25/2012 defines Educational Institution as an Institution providing services by way of :
(i) pre- school education and education up to higher secondary school or equivalent.
(ii) education as a part of a curriculum for obtaining a qualification recognised by any law for the time being in force.
(iii) education as a part of an approved vocational education course.
The new notification No 10/2017- ST dated 08.03.2017 has been issued to curtail the exemption granted earlier to few specific services provided to educational institutions. The notification provides that nothing in clause (b) of entry no 9 of mega exemption notification 25/2012 shall apply to an educational institution other than an institution providing service by way of pre-school education and education up to higher secondary school or equivalent. The amendment is effect from April 1st 2017.
In effect the following services provided to educational institution other than an institution providing service by way of pre-school education and education up to higher secondary school or equivalent, which were till now were exempt will be taxable to service tax with effect from April 1st 2017.
(b) by any person to an Educational Institution, by way of
( i) transportation of students, faculty and Staff.
(ii) Catering, or cleaning or house keeping services performed in such educational institution.
( iii) Services relating to admission to , or conduct of examination by, such institution.
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A Limited Liability Partnership (LLP) is a combination of a Partnership and a Company governed by the Limited Liability Partnership Act 2008. LLP is a special partnership that offers protection to each partner against any negligence on behalf of the other partners.
Table of Contents
Advantages of LLP
Procedure of LLP Incorporation
Documents Required for Obtaining DSC
Documents Required for Obtaining Director Identification Number
Incorporation Method
Requirements for Filing LLP Form 1
Proposed Monetary Value of Partner's Contribution
Drafting of LLP Agreement
Filing of Form 3 LLP Agreement
Advantages of LLP
1. Liability Protection: The liability protection provided by an LLP is a significant advantage. Individual partners are not held personally responsible for any company debts or obligations. Any lawsuit or claim against the company cannot be held against the partners, thus protecting personal assets.
2. Flexibility: Partners have flexibility within business ownership under an LLP. Each partner in the business can decide their level of contribution and involvement. They are also not obligated to participate in business meetings or consultations unless they wish to.
3. Tax Advantages: Partners are liable for filing their personal income and self-employment taxes. The partnership itself is not responsible for paying these taxes. The company's credits and deductions are divided among the partners according to their interest in the company.
Procedure of LLP Incorporation
MINIMUM REQUIRMENT
Obtain a Digital Signature Certificate from Authorized DSC issuing Authority.
Documents required for obtaining DSC :
Proof of Identity
Proof of Residence
One self attested passport size photograph
Obtain DIN
An application is to be made in Form DIR-3 to obtain the directors' DIN numbers after obtaining the DSC.
Documents required for obtaining Director Identification Number:
Register DSC
After obtaining the DIN number, register the DSC on the MCA portal in the name of the Designated Partner/Director. Navigate to MCA services -> DSC Services -> Register DSC.
Incorporation Method
Name Approval (Form 1)
Apply in Form INC-1 for name approval of the proposed LLP after finalizing the nature of business of the proposed LLP. A maximum of six names can be given in order of preference. CRC will approve the available and suitable name among the given names for the proposed LLP.
Note: Applicants can themselves check the available names on the MCA Website under MCA Services: Check LLP Name.
Once the proposed Company's name is approved, it remains valid for 3 months from the date of approval. Within these 3 months, LLP must be incorporated; otherwise, name approval in LLP Form 1 must be filed again with MCA.
Requirements for filing LLP Form 1
Proposed monetary value of partner's contribution
Once the proposed monetary value of the partner's contribution is filled out and filed in Form 1, the contribution's monetary value in Form 2 should not be less than the value mentioned in Form 1.
LLP Form 2 (Incorporation Document and Subscriber's Statement)
LLP Form 2 must be filed within 3 months from the date of approval of LLP Form 1.
Drafting of LLP Agreement
The LLP agreement has to be drafted in accordance with the LLP Act. It is not mandatory to file the agreement at the time of registration and can be filed within 30 days. Designated partners are responsible for compliance with the provisions of the LLP Act. Professional help is recommended for drafting the agreement.
Filing of Form 3 LLP Agreement
The LLP agreement has to be uploaded. Once approved, all formalities for registration are completed.
Note: Form 3 must be uploaded within 30 days of the LLP's incorporation; otherwise, a penalty of Rs. 100/—per day applies.
Contact ADCA
For expert assistance in company registration and LLP incorporation, contact ADCA, one of the leading providers of company registration services in Bangalore.
Is registration of LLP compulsory?
Yes, registration of an LLP is compulsory under the LLP Act, 2008.
How to incorporate an LLP?
An LLP can be incorporated by following the procedure of obtaining DSC and DIN, filing for name approval, and submitting incorporation documents.
What is an LLP registration number?
An LLP registration number is a unique identification number issued upon the successful registration of an LLP.
What is a valuation certificate in LLP incorporation?
A valuation certificate is a document that certifies the value of a partner's contribution in an LLP, often required during the incorporation process.
What is an LLP identification number?
An LLP identification number (LLPIN) is a unique number assigned to an LLP upon incorporation.
How to check LLP company name availability?
You can check LLP company name availability on the MCA website under MCA Services: Check LLP Name.
How to get company CIN/FCRN/LLPIN/FLLPIN?
These identification numbers can be obtained from the MCA portal upon successful registration of the company or LLP.
What is LLP Form 3?
LLP Form 3 is the form used to file the LLP agreement with the Registrar.
How much does LLP registration cost in Bangalore?
LLP registration costs in Bangalore vary based on professional fees, government fees, and other associated costs. Contact ADCA for a detailed cost estimate.
The advertisement charges for advertising on google, facebook, Linkedin and other digital advertising platform are usually paid out of india in foreign currency, though entire advertising activity happens in india, and escapes any taxation in India.
The Indian Finance Minister Sri Arun Jaitly has introduced the equalization levy with effect from june 1, 2016. The provision for equalization are provided in Chapter VIII of the Finance Act 2016.
Brief summary of Provisions are as follows :
Rate of tax and Services Covered :
The equalization levy would apply @ 6% on amount paid or payable for Online advertisement, any provision for digital advertising space or any facility service for the purpose of online advertisement or any other service as may be notified later by government. Levy is applicable on amount paid or payable for above services to non-resident.
The scope of the levy may be expanded to cover a wider range of digital goods and services as time progresses.
Equalization levy is aimed at taxing business-to-business (B2B) e-commerce transactions. Levy is not applicable where payment is not for the purposes of carrying out business or profession.
Levy is not applicable if aggregate of payment to a non resident during the financial year does not exceed Rs 1 lakh.
Collection and deposit and filing of return :
The said tax of 6% is required to be deducted from the amount paid or payable to non-resident for specified services.
Tax so deducted is required to deposited on a monthly basis within 7th of following month. Interest at the rate of 1 % per month or part of month is applicable for delayed deposit of taxes.
Annual statement with respect to levy is required to filed with specified period form end financial year in which service are provided. To rectify any mistake or omission in the statement filed revised statement can be filed within 2 years from end of financial year in which service is provided. Statement will be processed and intimation for any demand or refund will be sent with in end of 1 year from the end of financial year in which statement is filed. Any mistake in such intimation can be rectified within one year from the end of financial year in which intimation was issued.
Penalty :
Non deduction of equalization of levy would attract penalty equal to amount of equalization levy in addition to payment of equalization levy and interest on delayed payment.
Where Equalization Levy is deducted but not deposited with government would attract penalty of Rs 1,000 per every day during which such failure continues. This penalty is subject to maximum limit of equal to amount of equalization levy.
Non filing of annual statement would attract penalty of Rs 100 for each day during which the failure continues.
No penalty shall be imposed where assessee proves to the satisfaction of the Assessing Officer that there was reasonable cause for the said failure.
Chapter provides for appeal to Commissioner ( appeals) and to Income Tax Tribunal against order levying penalty.
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Section 2 (42A) provides that short term capital asset means a capital asset held by an assessee for not more than thirty six months immediately preceding the date of its transfer.
It is provided that in the case of a security ( other than a unit) listed in a recognised stock exchange in indiaor a unit of the unit trust of india established under the Unit Trust of India Act, 1963 or a unit of an equity oriented fund or a zero coupon bond, the provisions of this clause shall have effect as if for the words " thirty Six Months" the words " twelve months" had been substituted.
The Finance Act, 2016 has inserted a third proviso to section 2 (42A) from the assessment year 2017-18 so as to provide that in the case of a share of a compnay ( not being share listed in a recognised stock exchange in India), the provisions of section 2 ( 42A) shall have effect as if for the workds " thirty Six Months" the words " Twety Four Months " had been substituted.
The learned author identifies the amendments introduced by the finance act 2016 which impact corporate sector. he discussion is not confined only to provisions exclusively applicable to companies. some provisions which apply to companies and non company assessees have also been discussed.
1.Introduction
Corporate sector is an integral part of the company of a country and india can be no exception. this sector, besides contributing substantial revenues to the Govt.'s kitty, also enriches the GDP of the country year-after-year. Hence, its natural that each year's Finance acts have number of provisions concerning Corporates. In later paragraphs, an account of the provisions contained in the Finance act 2016, specifically applicable to companies are discussed and measures also applicable to companies.
2.Finance act provisions concerning corporate sector
These, in brief, are us under
(1)Lower tax rate for companies
In the previous year's budget ,the FM had announced that in a period of next 4 years, he would bring down the rate of corporate tax to 25% from 30%. He has made a beginning for this year's budget. the proposal is that new manufacturing companies incorporated on or after march 1, 2016 will have an option either to adopt a reduced corporate tax of 27.55%(Where the income exceeds Rs. 1crore but does not exceed Rs. 10crore)or 28.84% (where income exceeds 10crore) provided such companies do not claim profit linked /invest linked deduction or do not avail of investment allowance and accelerated depreciation. The new startup companies who do not wish to claim any exemption can straight away claim tax rate of 25%. The conditions to avail of 25% rate are:
(a)The company should be set up and registered on or after 1st day of march, 2016;
(b) the company should be engaged in the business of manufacture or production of any article or thing and is not engaged in any another business;
(c)the company while computing its total income has not claimed any benefit under section 10AA, benefit of accelerated depreciation, benefit of additional depreciation, investment allowance, expenditure on scientific research and any deduction in respect of certain income under part-C of chapter 6-A Other than the provisions of section 80JJAA; and
(d) the option is furnished in the prescribed manner before the due date of furnishing the return of income.
The issue is as to how the corporates will react to such proposals. The initiative seems to have been taken to give a boost to the manufacturing units in the country and make in india programme of the P M a success. But, the scheme is not expected to be enthusiastically welcomed in view of the fact that heavy capital is needed for manufacturing units and they may not like to continue with higher rates with incentives , which effectively bring down the rates to nearly 24%.
(2)Other amendments
(1)new startups, involving innovation development , setup before april1,2019 will get 100% deduction of profits for a period of 3 years out of 5 years (subject to satisfaction of certain conditions ). However, the MAT would be applicable on such startups. some conditions have already been started earlier . Others relate to benefit -under section 54E&54GB.
(2)Effective corporate tax rate for small companies having turnover less than 5crore is reduced to 31.96%. the reduced corporate is expected to lead growth of such companies.
(3)the act taxes long term capital gains in the hands of non residents @10% which arise from the transfer of unlisted shares of a company in which public are not substantially interested, i.e. private companies. this ensures taxability of gains arising from transfer shares of unlisted companies and likely to incentivize corporate reorganization in india.
(4)If an assessee purchases a luxury car exceeding the price of Rs.10lakhs or purchase goods or avails of services exceeding 2lakhs in cash, tax at source is to be collected @1% This measure is intended to provide money trail and give clues regarding black money invested in such assets.
(5)The existing provision of sub-section (1A) in section 32AC of the act provides for investment allowance at the rate of 15% on investme4nt made in new assets (plant and machinery) exceeding Rs.25crore in a previous year by a company engaged in manufacturing or production of any article or thing subject to the condition that the acquisition and installation has to be done in the same previous year. this tax incentive is available up to 31-3-2017.
The dual condition of acquisition and installation can cause a genuine hardship in cases in which assets having been acquired could not be installed in same previous year . Hence sub section (1A ) in section 32AC has been amended so as to provide that the acquisition of the plant $machinery of the specified value has to be made in the previous year. However installation may be made by 31-03-2017.
The dual condition of acquisition and installation can cause genuine hardship in case in which assets have been acquired could not be installed in same previous year. Hence sub section (1A) of section 32AC has been amended so as to provide that the acquisition of the plant &machinery of the specified values has to be made in the previous year .however , installation may be made by 31-03-2017 in order to avail the benefit of investment allowance of 15%. It is further provided that where the installation of the new asset in a year or other than the year of acquisition, the deduction under this sub section shall be allowed in the year in which the new asset is installed.
(6) A person resident in india or a non resident having a permanent establishment in india , making payment exceeding in aggregate Rs.1lakh in a year towards online advertisement to a non resident, who does not have a permanent establishment in india would have to withhold tax at 6% of gross amount paid ,as an equalisation levy which is to discharged by way of withholding this provision is intended to bring alignment of domestic tax law with OECD recommendation on BEPS on digital economy . this provision would impact the income of non resident e-commerce giants providing online advertisement services (such as Google, yahoo, etc...)or other services to the companies in india
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