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CONVERSION FROM PRIVATE COMPANY INTO LIMITED LIABILITY PARTNERSHIP

Limited Liability Partnership - LLP - By: - Mr. M. GOVINDARAJAN - Dated:- 9-9-2016 - Section 56 of the Limited Liability Act, 2008 ( Act for short) provides for ( LLP for short). A private company may convert into a LLP in accordance with the provisions of Chapter X and the third schedule. Third schedule gives the procedure of conversion from private company into LLP. Clause1(b) of the Schedule defines the term convert in relation to a private company converting into a LLP means a transfer of th .....

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into which the company has converted and the partners of that LLP shall be bound by the provisions of third schedule as applicable to them. Statements to be filed A private company, intending to be converted into an LLP may apply to the Registrar filing with the following along with the application in the format provided in Part A of Form 18- a statement by all its shareholders in part B of Form 18 along with fee, containing the following particulars- the name and registration number of the comp .....

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on concerning the proposed LLP as may be prescribed; a statement in the prescribed form, made by either an Advocate or a Company Secretary or a Chartered Accountant or a Cost Accountant who is engaged in the formation of the LLP and by one who subscribed his name to the incorporation document, that all the requirements of the Act and the rules made there under have been complied with, in respect of incorporation and matters precedent and incidental thereto. Fees payable For conversion of private .....

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ify the documents to be verified in such manner as he deems fit. If he satisfies himself with the particulars furnished he may register the documents and issue a certificate of registration in Form No.19 as the Registrar may determine stating that the LLP is, on and from the date specified in the certificate, registered under this Act. The LLP shall, within 15 days of the date of registration, inform the concerned Registrar of Companies about the conversion and of the particulars of the LLP in F .....

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tangible and intangible property vested in the company, all assets, interests, rights, privileges, liabilities, obligations relating to the company and the whole of the undertaking of the company shall be transferred to and shall vest in the LLP without further assurance, act or deed; and the company shall be deemed to be dissolved and removed from the records of the Registrar of Companies. Registration in relation to properties If any property applies is registered with any authority, the LLP s .....

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order or judgment Any conviction, order or judgment of any Court, Tribunal or other authority in favor or against the company may be enforced by or against the LLP. Existing agreements/contracts Every agreement to which the company was a party immediately before the date of registration, whether or not of such nature that the rights and liabilities there under could be assigned, shall have the effect as from that date as if- the LLP were a party to such an agreement instead of the company; and .....

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