Convert Business to LLP/LLC
LLC - Limited Liability Company and LLP - Limited Liability Partnership, Both types of companies are formed by filing articles of organization with describing the detail information about its activities, members, partners and areas of operations. LLC is a legal form of company where it has to offer limited liability to its proposed owners where LLP is a type of partnership firm where it offers a traditional business prospects to different corporations and partnership firms.
Converting the business from one type to another means bring the change to its nature and the legal benefits. Different form of companies basically enjoys the unique level of law benefits and taxation redemptions that one need to go through while changing the business to llp / llc. Like in case of llc the burden of taxation is passed directly to members who are supposed to share profit or loss where as in LLP the taxation is the form of single redemption. Here in LLC the owners are called by members where in LLP the owners are the partners who own the company with its profit and loss. LLP can be dissolved on the death of any partner where as in LLC the company has indefinite term that brings dissolution of the firm.
Pros and Cons of Converting Business LLP / LLC
Legal benefits, tax advantages, legal liabilities and business obligations all are depend on the nature and types of business form. It is very important to go through all the reliable points before making about conversion of business from llp to llc or vice-versa. One business should follow the entire legal obligation before converting the form. Otherwise it may face several penalties or can cause complete destruction of business even at the international level.
Here at trademarkregistrationindia, bring you with detail services about convert business from llc to llp, llp to llc or in any form of business. Our expertise teams of tax attorneys and corporate firm lawyers advice you on how to follow the basic criteria for converting the business. Here we concerned about preparation of appropriate state forms, submitting of form to desire authority, tracking the whole procedure and safe handling of approved documents is some of the services being concerned by our corporate legal experts.