1. Legal Possibility of Conversion

• The LLP Act, 2008, allows a registered partnership firm to convert into an LLP
  
• Only firms registered under the Indian Partnership Act, 1932, are eligible
  
• Conversion must follow the procedures laid out in the LLP Act and Rules
  
• After conversion, the LLP becomes a separate legal entity
  
• The firm ceases to exist upon successful registration as an LLP
  

2. Basic Requirements for Conversion

• All existing partners of the firm must become partners in the LLP
  
• There must be no new partners introduced at the time of conversion
  
• Consent of all partners is mandatory before initiating the process
  
• A valid Digital Signature Certificate (DSC) and Director Identification Number (DIN) are required
  
• The firm must have a clear record with no outstanding legal issues
  

3. Procedure for Conversion

• Apply for the name reservation of the proposed LLP
  
• File Form 17 (application for conversion) with required attachments
  
• Submit Form FiLLiP (incorporation form) along with partner details
  
• Attach documents such as the partnership deed, NOC from creditors, and consent letters
  
• Once approved, a Certificate of Registration is issued by the Registrar
  

4. Effects of Conversion

• The LLP inherits all assets, liabilities, and obligations of the firm
  
• The firm’s licenses and contracts continue in the name of the LLP
  
• The partnership firm is deemed dissolved after conversion
  
• Business continues without interruption under the new structure
  
• The LLP gets a new identity and the benefits of limited liability
  

5. Post-Conversion Compliance

• The LLP must inform the Registrar of Firms about the conversion
  
• All business correspondence must mention the former name for 12 months
  
• Stationery and official records should reflect the new LLP details
  
• Update bank accounts, tax registrations, and licenses with LLP credentials
  

Maintain proper records and file annual returns as per LLP regulations