Form 18 & Form FiLLiP Tax-Free Conversion Under Sec 47 Fast MCA Approval
Combine corporate limited liability with partnership operational simplicity
Eliminate mandatory board meetings, AGM notices, complex secretarial standards, and mandatory statutory audits (below ₹40L turnover).
Partners can withdraw profits directly with zero dividend tax, unlike company shareholders facing multi-tier taxation.
Capital gains arising from transfer of assets and shares are completely exempt from income tax when conditions are met.
All properties, licenses, rights, contracts, and liabilities of the company automatically vest in the converted LLP.
Unlike Private Limited companies which are capped at 200 shareholders, an LLP has no upper limit on the number of partners.
3 simple steps from inquiry to completed service
Hold general meeting to pass unanimous shareholder resolution and obtain written NOC from all secured creditors.
Prepare audited statement of assets and liabilities certified by a CA confirming zero security interests.
Submit Form 18 (Application for Conversion) and Form FiLLiP on MCA V3 to receive the new LLP Certificate of Incorporation.
Under Section 56 and the Third Schedule of the Limited Liability Partnership Act, 2008, a private company may convert into an LLP provided there is no security interest in its assets subsisting at the time of application.
All the shareholders of the company must become the partners of the LLP, and no other person can be admitted as a partner during the conversion.
UdyogSetu handles end-to-end documentation, creditor clearances, drafting of the LLP Agreement, and MCA V3 filings with senior CA/CS oversight.
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Yes, but only if the lending bank or financial institution issues a formal written No-Objection Certificate (NOC) and consents to the transfer of the credit facility to the converted LLP.
Under Section 58 of the LLP Act, all tangible and intangible property, rights, privileges, and contracts automatically transfer to and vest in the converted LLP without requiring separate conveyancing.
Yes. Since an LLP is a distinct legal entity type under the Income Tax Act, a new PAN and TAN must be obtained for the LLP post-conversion, and existing GST/bank records must be updated.
Once documentation and creditor NOCs are finalized, MCA typically processes and approves Form 18 and Form FiLLiP within 15 to 25 working days.
If all statutory conditions under Section 47(xiiib) of the Income Tax Act are fulfilled, the transfer of assets and shares is 100% exempt from capital gains tax.