Partnership to LLP

Limited Liability Partnerships have an upper hand over the general partnership structure as it is much more beneficial for the partners involved. LLP is a separate legal entity with compulsory registration with the central government, which is not the case with the partnership. It is a business structure that integrates the advantages of the company’s corporate structure and the flexibility of the partnership, i.e. for organizing their internal composition and operation as a partnership. Therefore conversion of partnership firm into LLP is a good business decision to secure the partners’ rights and limit their liabilities.