No, An existing LLP cannot be converted in a Partnership Firm. There is no provision for such conversion in Limited Liability Partnership Rules, 2009. The Limited Liability Partnership is a modification of the Partnership concept. It is introduced by rectifying the conventional bottlenecks in the Partnership form of business structure. The lawmakers removed the privilege of converting themselves into Partnership firms.
An LLP is usually opted by such entrepreneurs, who prefer to carry out their business in a conventional style. In an LLP, partners have a privilege of a limited liability, to the extent of their capital contribution in the business. Moreover, exclusivity of name is available.To get a detailed insight to register an LLP over Partnership, visit Advantages of LLP.
Registering a Partnership Firm is opted by such entrepreneurs, who prefers simplified annual compliance requirements. Though an LLP is the up-gradation of Partnership firm, it has stringent annual compliances, compared to that of a Partnership firm. To get a detailed insight to register a Partnership over an LLP, visit Partnership vs LLP vs Private Limited Company.