Yes, it is possible to convert an existing partnership firm into LLP in accordance with Provisional clause 58 and schedule 2 of the LLP act. For such conversion and incorporation Form, 2 and Form 17 should be filled.
The existing private or the unlisted public companies can be converted into LLP in accordance with the Provisional clause 58 and schedules 3 and 4 of the LLP Act. For such conversion Form 2 and Form, 18 should be filled with the registrar.
No such suffix can be used! The name of the company shall only end with “LLP’ or ‘Limited Liability Partnership’.
In case of appointment of new partners or resignation of the existing partners, eForm 3 and eForm 4 are needed within 30 days of such proceedings.
It is mandatory to file an LLP agreement and execute the file in accordance with Section 2(0), 2(q), section 22, and section 23 of the act. According to the provisional act, if the person fails to have an agreement to do so for any reason, the liabilities and the mutual rights shall be issued under Schedule 1 of the Act.
The LLP has the option to declare an additional address within the jurisdiction of ROC for receiving statutory notices and letters from the registrar in accordance with the act.
The foreign entity is free to file an application either for the reservation of name or for the renewal of the name reserved earlier just by filing an application in eform 25. In the system, the name shall be reserved for three years and the application for renewal of the name should be filed before the three years expiry.
The foreign LLPs can establish a place of business in India by giving the particulars of incorporation of foreign LLP and filling of form 27. They are also liable to provide the details of at least two authorized representatives in accordance with the LLP Act.