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Convert a Partnership firm to a LLP firm

Conversion of a Partnership Firm into a LLP has many advantages, as LLPs are comparatively stronger business models. A Limited Liability Partnership mellows down the rigid regulations of the Indian Partnership Act, 1932. Additionally, a LLP has a better tax structure and limited audit responsibilities among others.

Advantages

Advantages of Setting Up a Convert a Partnership firm to a LLP firm :

Limited Liability for partners
Comparatively Limited Compliances
One partner will not be held responsible for another partner’s misconduct
Easy to form and less expensive than other entities
They are taxed lower as compared to other companies and are exempted from Dividend Distribution Tax