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No. Two or more partners are also converting the existing LLP into private company and in the case of public company minimum 3 partners or more can convert LLP into public company.
Form URC-1 is a web based form which is a linked form with SPICE+ (that includes MOA, AOA, AGILE PRO).
In SPICE + form only 3 individuals not having director identification number can be appointed as directors. The persons more than 3 not having DIN have to be added after incorporation as director.
When LLP firm is converted into company no capital gains arise to the firm. Because at the time of conversion under Part IX of the Companies Act, 2013 the properties of the firm remains in the limited company as they exist. There is no dissolution of the LLP firm. Therefore section 45 (1) of the Income Tax Act of capital gains is not applicable in this case.
To get the tax benefits the same shareholding of the partners before conversion is to be maintained the former partners of LLP cannot have a total shareholding which is to be less than 50 percent for consecutive five years in the newly formed private limited company.
Conclusion: The LLP can be converted into a company but instead of the conversion a new company can be formed and after that by a written agreement the business of the former LLP can be converted into the newly formed company it can be private limited or public company but it cannot be converted to OPC.
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07 Mar
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