Firm /Private Limited Company into LLP
In order to access several benefits as opposed to company form of organization, the businessmen may desire to convert the existing firm/private limited companies into LLP.
Effects of conversion
From the date of conversion
• There shall be a LLP name specified in the certificate of Registration.
• All the tangible and Intangible property of the Firm or Private Limited Company Shall be transferred to the LLP and this property will become property of the LLP. Likewise all liabilities of these converted entities shall be the liability of the LLP.
• The Firm or the Company shall be deemed to be dissolved and removed from the records of the Registrar of the Firms or Registrar of the Companies.