PROPRIETORSHIP TO LLP

ABOUT PROPRIETORSHIP TO LLP

Before starting  the transition from sole proprietorship to an LLP,  understand what a limited liability company is. A limited liability company is a company with a minimum of two members  and  no limit on the maximum number of members. The liability of  members of an LLP is limited. A sole proprietorship cannot be converted directly to an LLP as it is only owned by a single person. This can be  done by closing assets and applying for an LLP, or by including another person in the business and making them a partner, and then converting it to an LLP. Minimum requirements to be met to convert sole proprietorship into an LLP. A minimum of two partners is required to start the LLP training process Two nominated partners, one of whom must be an Indian citizen residing in India One registered office  in India Agreement LLP under which the rights and obligations of the partners will be regulated between the LLP and the partners

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