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Conversion of Business

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Partnership to LLP

Convert Partnership to LLPs 

                            

An advanced business vehicle, a LLP limits the liability unlike the conventional Partnership firm.

Introduction

A Limited Liability Partnership is a form of business organization where the constituting partners of the firm each have limited liabilities toward the firm, thus exhibiting features of both classic partnerships and companies. In LLPs, unlike in a partnership, no partner can generally be held liable for the misconduct or negligence of another partner. Furthermore, the excessive regulatory regime of Partnerships has not been carried into LLPs. LLPs can also avail certain tax benefits and are exempt from audits below certain capital limits.

 

Advantages of LLPs over Partnerships

Some potential benefits of a LLP over a Partnership are –

  • LLPs have a separate entity than its partners;
  • LLPs offer limited liability for its partners, as opposed to the liability under conventional Partnerships;
  • LLPs have no restrictions as to the maximum number of partners in the firm, while Partnerships can only have upto 50 partners.

 

Documents required for convert Partnership to LLPs

  • Designated partner identification number (DPIN) or Director Identification Number (DIN) of all partners;
  • Digital Signature Certificates for the LLP;
  • LLP 1 –Addition of “LLP” to the existing firm name;
  • Drafingt of LLP agreement;
  • LLP E- Form-17 - Application of conversion;
  • Statement of consent of Partners to conversion;
  • List of all creditors along with consent to conversion;
  • Statement of assets and liabilities of the company (duly certified by a CA);
  • Approval from any other body/authority as may be required;
  • Approval of the governing council (in the case of professional firms);
  • NOC from Income Tax authorities;
  • Financial statements of the Partnership Company;
  • Particulars of any court proceedings;
  • Rejection letter of ROC in case of any earlier conversion application;

 

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Sole Proprietorship to Private Limited

Convert a Proprietorship to a Private Limited Company

 

You can easily convert a Proprietorship to a Private Limited Company through a transfer of assets.

Introduction

A proprietorship company is a type of business organization where there is no legal distinction between the owner of the business and the business. The owner is in direct control of all aspects related to the business, is accountable for its functioning and completely owns its profits or losses. Sign up for our Conversion from Proprietorship to a Private Limited Company Service today, so that you can shed the liabilities & compliances of a Proprietorship and emerge as a Private Company. With our team working for you, you can focus on the impending transition, and acquiring funding for the same. Sign up today!

 

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Private Limited to Public Limited

Convert a Private Limited Company to a Public Limited Company

 

By converting your private limited company to a public limited company, you can allow for the free transfer of shares in the market through the issuance of a prospectus!

Introduction

In India, the share transferability of a private limited company is limited to 50 shareholders, and they are restricted from freely trading their shares with the general public. However, a Public Limited Company does not suffer such limitations and its shares may be freely traded amongst the general public. Sign up for our Conversion from Private to Public Company Service today, so that your company can shed the restrictive cocoons of Private Company regulations and emerge as a new Public Company. With our team working for you, you can focus on the impending transition, and acquiring funding for the same. Sign up today!

                 

  Distinctions between Private and Public Limited Companies

Private Companies

Public Companies

Transfer of shares to only a few investors

May offer shares to the general public

Cannot be listed

can be listed

Lower Compliance requirements

Higher Compliance requirements

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Private Limited to OPC

Convert a Private Limited Company to a One Person Company

 

By converting your private limited company to a One Person company, you can roll back the ownership of your company that you gave up!

Introduction

In India, the share transferability of a private limited company is limited to 50 shareholders, and they are restricted from freely trading their shares with the general public. However, a One Person Company is run by a sole owner, with the added benefit of limited liability to the said owner and other shareholders. Sign up for our Conversion from Private to One Person Company Service today, so that your company can shed the restrictive cocoons of Private Company regulations and emerge as a new One Person Company. With our team working for you, you can focus on the impending transition, and acquiring funding for the same. Sign up today!

The distinction between Private and One Person Companies

One Person Companies exist as a halfway point between Sole Proprietorships and Private Limited Companies.

Private Company

One Person Company

Minimum members – 2

Minimum members – 1

Minimum directors – 2

Minimum directors – 1

No requirement of appointing a nominee

A nominee must be appointed where there is only one member

Foreigners may become members of a Private Company

No foreigners may become members of One Person Companies

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Public Limited to Private Limited

Convert a Public Limited Company to a Private Limited Company

 

By converting your Public Limited Company to a Private Limited Company, you can consolidate the ownership of your company from the general public back into the hands of a selected few!

Introduction

In India, the share transferability of a private limited company is limited to 50 shareholders, and they are restricted from freely trading their shares with the general public. However, a Public Limited Company does not suffer such limitations and its shares may be freely traded amongst the general public. Sign up for our Conversion from Public Limited Company to a Private Limited Company Service today, so that your company can shed the liabilities & compliances of a Public Company and emerge as a Private Company. With our team working for you, you can focus on the impending transition, and acquiring funding for the same. Sign up today!

 

Distinctions between Private limited and Public limited Companies

Private Companies

Public Companies

Transfer of shares to only a few investors

May offer shares to the general public

Cannot be listed

can be listed

Lower Compliance requirements

Higher Compliance requirements

Get Started

OPC to Private Limited

Convert a One Person Company to a Private Limited Company

 

By converting your One Person Company to a Private Limited Company, you can raise more capital by releasing more shares!

Introduction

In India, the share transferability of a private limited company is limited to 50 shareholders, and they are restricted from freely trading their shares with the general public. However, a One Person Company is run by a sole owner, with the added benefit of limited liability to the said owner and other shareholders. The conversion of an OPC to a Private Limited Company is mandatory when the company’s paid-up share capital exceeds 50 lakhs or its average annual turnover over three years is equal to or exceeds 2 crores. Sign up for our Conversion from One Person Company to Private Company Service today, so that your company can transform itself into a Private Company without any regular hassles. With our team working for you, you can focus on the impending transition, and acquiring funding for the same. Sign up today!

Distinctions between Private and One Person Companies

One Person Companies exist as a halfway point between Sole Proprietorships and Private Limited Companies.

Private Company

One Person Company

Minimum members – 2

Minimum members – 1

Minimum directors – 2

Minimum directors – 1

No requirement of appointing a nominee

A nominee must be appointed where there is only one member

Foreigners may become members of a Private Company

No foreigners may become members of One Person Companies

 

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Employee Stock Option Plan

Employee Stock Options

 

Retain your best talent by putting their skin in the game – offer them an ESOP now!

Introduction

As a fresh entrepreneur, you may have a high value idea, but you might be some ways off from being able to offer a high value salary for the best talent in the pool. One of the ways to entice fresh talent and retain the budding ones in your company is by way of an Employee Stock Options Plan (ESOP), which motivates employees as they personally profit from the growth of their organization. Under ESOPs, employees are motivated for the growth of your company through allocation of shares, often at no cost, but as exchange for the employee’s services. Going through the steps of an ESOP is often a complex process, so leave the procedural hassles to us by signing up for our ESOP service, so that you may focus your energies on your company’s management!

Features of the ESOP Service

Our business, financial and legal experts will help you –

  • Structure the form of plan that you want to implement, reflecting your unique requirements;
  • Correctly value your company;
  • Draft the grant of share options and the agreement for the same such as clauses on vested ESOPs, Exercise price and period etc.;
  • Draft all other necessary paperwork required for secretarial or compliance reasons.
  • Maintain ESOP register in E from SH- 6

Advantages of ESOPs

Here are some potential advantages of ESOPs,

  • Incentive for new talent: You may not be able to give employees a high value salary right now, but you can make them invested in lifting off the company by giving them a stake in its value;
  • Build Motivation: An ESOP motivates employees through a simple incentive – the better off the company, the more valuable the stocks that the employees own - It’s a win-win!
  • Retain talent: You may retain employees for specified periods of time as defined through the vesting period of the ESOP.
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