Private Limited Company to Limited Liability Partnership (LLP)
"Change your strategy, Create new Brand"
The LLP is a separate legal entity and is liable to the full extent of its assets but the liability of the partners is limited to their agreed contribution to the LLP.
*Professional fee only.
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The LLP Act contains enabling provisions pursuant to which a firm (set up under Indian Partnership Act, 1932) and private company or unlisted public company (incorporated under Companies Act) would be able to convert themselves into LLPs. Provisions of clause 58 and Schedule II to Schedule IV to the Act provide procedure in this regard.
It has been provided in the Act that on conversion of a firm/private company/unlisted public company into LLP, any approval, permit or licence issued to the firm/private company/unlisted company under any other Act shall, subject to the provisions of such other Act under which such approval, permit or licence was issued, be transferred in the name of converted entity viz LLP.