Partnership Firm Conversion

From partnership to company

It has always been more advantageous to incorporate a company over a partnership firm. The members of the company enjoy the advantage of limited liability and perpetual succession. Section 366 of the Companies Act, 2013 deals with the entities capable of being registered under the Act. According to this section a co-operative society, an LLP, partnership firm, society or any other form of business entity formed under any other shall be converted into a company.
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Frequently asked questions.

Often, a partnership firm converts itself into a joint stock limited company or sells its business to an existing one. Realisation Account will be opened and assets transferred to it, so also liabilities (but not if liabilities are not assumed by the company).
Partnership firm have to apply for Avaibility of the Name in RUN. One of the major advantages is that the business can be run under the same name as that of the partnership (subject to avaibility of name as per Name Avaibility guidelines of Companies Act) the words 'limited' or 'private limited' has to be added.
The business of the partnership firm can be taken over by Private limited company or by another partnership firm, the assets and liabilities of the firm can be transfer on payment of consideration & on payment of stamp duty.
Since the liability of the members of the firm is unlimited, when a firm desires to register itself as a company as a limited company, the assent of the majority is required, not less than three-forth of the partners should be present in person.