KISHORE SOMAN (PARTNER) 10 June 2011

Changing of an existing partnership firm to a LLP, problems?

MY EXISTING PARTNERSHIP FIRM (IN STATE OF MAHARASHTRA) IS A PARTNER IN OTHER JV FIRMS. SINCE IN JV FIRMS I CANT CLAIM ANY INTEREST, SALARY, REMUNERATION. I WANT TO CHANGE MY EXISTING PARTNERSHIP FIRM INTO A LLP. LIMITED LIABILITY PARTNERSHIP. WHEREIN THEN I CAN CLAIM FROM THE JV FIRMS REMUNERATION, SALARY, INTEREST ETC. NOW MY EXISTING PARTNERSHIP FIRM DOES HAVE SOME ASSETS AND LIABILITIES. WHAT HAPPENS TO THE STAMP DUTY ON THESE ASSETS, CAPITAL OF FIRM, REGISTRATION ETC? IT IS A FAMILY CONCERN AND THE SAME PARTNERS WOUL CONTINUE AFTERWARDS WITH THE SAME RATIO. PLEASE ADVISE.

Reply Follow

2 Replies

Atul D Suryavanshi (Attorney - JC Law Firm) 31 October 2011

Dear mr. Kishor Soman,

Good Decision to change traditional Firm into LLP. Conversion of Partnership Firm into LLP is not much complicated but the assignment of extended rights and duties is much improtant.

It looks you have basic two worries -

1. Distribution of Remunaration, Salary and interest and

2. Stamp Duty for Conversion

Relax Mr. Kishor. Both the things are easily achievable in LLP model. You can share the income and get paid salaried and can pay the salary in LLP model and even the Stamp Duty is not much heavy. If you have any senior citizen and/or Woman as Partner you can not only save stamp duty but TAX also.

For more information, clarification and conversion , we would like to assist you.

Regards,

Atul Suryavanshi

IPR-Attorney

JC Law Firm

Email: atul@justacausa.in

Mobile - 09923552956

DEFENSE ADVOCATE.-firmaction@g (POWER OF DEFENSE IS IMMENSE ) 10 December 2011

There is writ petition for allowing advocates also as allowed to CS AND CA is allowed to certifiy applications for LLPs, can any body give full information about it.