Understanding the Basics of LLP and Private Limited Companies
Under the Companies Act 2013 and the Limited Liability Partnership Act 2008, it is wise to convert an LLP to a private limited company. This process allows an LLP to become a Private Limited Company, which has the official structure and image of a company but also the freedom and limited duty of an LLP. By making this change, businesses can improve their legal position, make it easier to get outside funding and enjoy lower tax rates, all while keeping the main benefits of an LLP.