New User   Login      
Tax Management India .com TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

CONVERSION OF A FIRM INTO LIMIATED LIABILITY PARTNERSHIP

Limited Liability Partnership - LLP - By: - Mr. M. GOVINDARAJAN - Dated:- 4-10-2016 Last Replied Date:- 5-10-2016 - Section 55 of the Limited Liability Partnership Act, 2008 ( Act for short) provides for the conversion from firm into limited liability partnership ( LLP for short). Section 55 provides that a firm may converted into a LLP in accordance with the provisions of Chapter X of the Act and the second schedule. Firm Clause 1(a) of Second Schedule defines the term firm as defined in Sectio .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

n to a firm converting into a LLP, as a transfer of the property, assets, interests, rights, privileges, liabilities, obligations and the undertaking of the firm to the LLP in accordance with the Second Schedule. Clause 2 provides that a firm may convert into a LLP by complying with the requirements of the second schedule that are applicable to them. Upon such conversion, the partners of the firm shall be bound by the provisions of the Second Schedule that are applicable to them. Eligibility Cla .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

17; The fee payable for such conversion is as detailed below- LLP whose contribution does not exceed ₹ 1 lakh - ₹ 500/-; LLP whose contribution exceeds ₹ 1 lakh but does not exceed ₹ 5 lakhs - ₹ 2000/-; LLP whose contribution exceeds ₹ 5 lakhs but does not exceed ₹ 10 lakhs - ₹ 4,000/-; LLP whose contribution exceeds ₹ 10 lakhs - ₹ 5,000/-; The following statements are to be filed along with the application- A statement by all of its p .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

icate, registered under this Act; The LLP shall, within 15 days of the date of registration, inform the concerned Registrar of Firms with which it was registered under the provisions of Indian Partnership Act, about the conversion and of the particulars of the LLP in Form No. 14; The Registrar may refuse to register any LLP if he is not satisfied with the particulars or other information furnished under the provisions of this Act; An appeal may be made before the NCLT in case of refusal of regis .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

liabilities, obligations relating to the firm and the whole of the undertaking of the firm shall be transferred to and shall vest in the LLP without further assurance, act or deed; The firm shall be deemed to be dissolved and if earlier registered under the Indian Partnership Act removed from the records maintained under that Act. Every agreement to which the firm was a party immediately before the registration, whether or not of such nature thatthe rights and liabilities there under could be a .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ate to LLP.It shall be enforceable by or against the LLP as if the LLP were named or were a party instead of the firm; If any property applies is registered with any authority the LLP shall, as soon as practicable take all necessary steps as required by the relevant authority to notify the authority the conversion and of the particulars of the LLP in such medium and form as the authority may specify; All proceedings pending or against the firm which are pending in any Court or Tribunal or before .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version