The conversion from unlisted public company into limited liability partnership (LLP) have the following steps:
In conversion of unlisted public company into LLP a “Company” indicates an unlisted public company and “Convert” means in association to a company converting into a limited liability partnership (LLP). The “listed company” represent that it shows in the SEBI guidelines. The “unlisted public company” indicates that a company which is not a listed company.
Conversion of company into LLP
A company may convert into LLP, it must be following with the needs of the conversion mentioned in this plan. Upon such conversion, the company and its shareholders, the LLP into which the company has converted and the partners of LLP shall be tied by the provisions of this schedule that are relevant to them.
Statements to be registered
A company may implement to convert a LLP by filing with the registrar.
(a) A statement by all its shareholders in such form and manner to be ruled by such fee as the central government may order has :
(i) the company name and registration number
(ii) Company incorporation date
Registration of conversion
The documents are received, then the registrar issue a certificate of registration. The registrar decide that the LLP is registered and the date mentioned in the certificate. Specify that the LLP shall within 15 days of the registration of your company incorporation date.
Effect of registration
The certificate of incorporation contains your date of registration is mentioned below :
(a) The LLP name is mentioned in the certificate of registration.
(b) The intangible property and all tangible (movable or immovable) vested in the rights, liabilities, jobs relating to the company and shall vest in the LLP without further confidence, act or deed.
(c) The company shall be considered to be removed or dissolved from the records of ROC.
Registration in relation to property
In clause (b) of paragraph 7 applies that any property which is registered with any any jurisdiction. The LLP has immediately possible, after the date of registration act all the required steps as needed by the related authority to notify the authority of the conversion.
Pending Procedures
All procedures by or against the company which are incomplete in any tribunal or court or before the jurisdiction on the date of registration may be completed, enforced and continued by or against the LLP.
Continuance of ruling, judgment or conviction
Any ruling, conviction, judgment or order of any tribunal, court or other jurisdiction in against or favor of the LLP.
Existing agreements
All agreements of an company was a party instantly before the date of registration.
(a) The LLP is to be a party to such a confirmation instead of the company.
(b) for any source to the company, there were substituted in respect of anything to be done on or after the date of registration is an credit to the LLP.
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