Conditions required for conversion to Limited Liability Partnership The company has no security interest in its assets at the time of application.

For conversion following are the points that should be kept in mind:- There should be at least 3/4th majority of Partners and pass a special resolution for the conversion of the partnership firm into Private Limited Company There should be at least 7 members in the partnership firm for conversion into Private Limited Company For conversion into a company, there should be at least 7 shareholders and 2 Directors Directors and Shareholders can be the same person Firm may be registered with the registrar of the Firms There must be a provision in the Partnership Agreement to convert it into a Private Limited Company There should be a written consent provided by the  partners to convert the partnership into company Procedure for the conversion of Partnership Firm into a Private Limited Company Following are the steps which are required to convert a Partnership Firm into Private Limited Company:-  Step 1.All the shareholders and directors of the company should apply for the Digital Signature Certificate.

Step 1: Conducting a Board Meeting Once all these conditions are fulfilled, a special resolution needs to be passed in the Board Meeting for converting into LLP and authorising any director to apply for the company name (LLP).

Procedure to convert Sole Proprietorship to Private Limited Company Incorporate a Private Limited Company Apply for DSC of Director After applying for DSC, the directors of the company should apply for DIN number in the form DIR-3 After getting the DIN, Company can file an application for the Name Reservation After getting the Name Approval.

  Partnership Firms donot have the option of perpetual succession which is applicable in case of a Private Limited Company.

OPC has more benefits than a private company hence any private company dealing with all sorts of businesses is applicable to convert itself to an OPC with the rules and provisions given in Section 18 of the Indian Companies Act of 2013, and the Companies (Incorporation) Rules of 2014 [CR-2014] Eligibility Criteria for Converting to One Person Company Legal Provisions related to Conversion of Private Company into One Person Company are given in Section 18 the Companies Act, 2013 read with Rule 7 of Companies (Incorporation) Rules, 2014.

Sole Proprietorship avails the income slabs rates which are applicable in the case of an Individual.

Initially, the companies had to apply for PAN and TAN manually, post the incorporation procedure.

To get the DSC of Minimum 2 Shareholder as well as directors it will cost around INR 2000/- To apply for the DIN number, 1 DIN number will cost around INR 500/-, and 2 DIN number will cost around INR 1000/- Government fees for incorporating Private Limited Company is 5,400/- Stamp Duty has to be paid for incorporating a company and Stamp duty depended upon state to state and authorised share capital of the company, on an average, it will cost around 1,500/- for 1 lakh authorised share capital.

Application for  Name Reservation Application for Name Reservation shall be made in Form INC.1 and while applying for name, applicant must select some unique name which should not be similar to any existing company or LLP or Registered Brand.