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TMI BlogCONVERSION FROM PRIVATE COMPANY INTO LIMITED LIABILITY PARTNERSHIPX X X X Extracts X X X X X X X X Extracts X X X X ..... with this Schedule. 2. Eligibility for conversion of private companies into limited liability partnership. - (1) A company may convert into a limited liability partnership by complying with the requirements as to the conversion set out in this Schedule. (2) A company may apply to convert into a limited liability partnership in accordance with this Schedule if and only if - (a) there is no security interest in its assets subsisting or in force at the time of application; and (b) the partners of the limited liability partnership to which it converts comprise all the shareholders of the company and no one else. (3) Upon such conversion, the company, its shareholders, the limited liability partnership into which the company has converted and th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nstrued as to require the Registrar to register any limited liability partnership if he is not satisfied with the particulars or other information furnished under the provisions of this Act: Provided that an appeal may be made before the Tribunal in case of refusal of registration by the Registrar. 1 [Provided further that until the Tribunal is constituted under the Companies Act, 1956, the appeal under this sub-paragraph may be made before the Company Law Board.] (2) The Registrar may, in any particular case, require the documents referred to in paragraph 3 to be verified in such manner, as he considers fit. 6. Effect of registration. - On and from the date of registration specified in the certificate of registration issued under paragraph ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gainst the limited liability partnership. 10. Existing agreements. - Every agreement to which the company was a party immediately before the date of registration, whether or not of such nature this the rights and liabilities there under could be assigned could be assignee, shall have effect as from that date as after or not of such nature that the rights and liabilities hereunder could be assigned, shall have effect as from that date as if- (a) the limited liability partnership were a party to such an agreement instead of the company; and (b) for any reference to the company, there were substituted in respect of anything to be done on or after the date of registration a reference to the limited liability partnership. 11. Existing contracts, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... diately before the date of registration of the limited liability partnership, subject to the provisions of such other Act under which such approval, permit or licence has been issued. 15. Notice of conversion in correspondence. - (1) The limited liability partnership shall ensure that for a period of twelve months commencing not later than fourteen days after the date of registration, every official correspondence of the limited liability partnership bears the following, namely:- (a) a statement that it was, as from the date of registration, converted from a company into a limited liability partnership; and (b) the name and registration number of the company from which it was converted. (2) Any limited liability partnership which contravene ..... X X X X Extracts X X X X X X X X Extracts X X X X
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