CS Executive · Setting Up of Business, Industrial and Labour Laws · Limited Liability Partnership
Mehta & Sons, a partnership firm in Surat, wants to become an LLP. Under the LLP Act, 2008, which Schedule governs the conversion of a firm into an LLP?
The Second Schedule governs conversion of a partnership firm into an LLP. Section 55 permits a firm to convert in accordance with the conversion Chapter and the Second Schedule. The Third and Fourth Schedules deal with private and unlisted public companies respectively.
- AThe Second ScheduleCorrect
- BThe Third Schedule
- CThe Fourth Schedule
- DThe First Schedule
Explanation
Section 55 allows a firm to convert into an LLP in accordance with the Chapter and the Second Schedule. The Third Schedule applies to private companies and the Fourth Schedule to unlisted public companies, so those options mix up the entity types.
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