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CSEET · Business Laws and Management · Elements of Law relating to Partnership and Limited Liability Partnership

Which of the following entities may convert into a limited liability partnership under Chapter provisions of the LLP Act, 2008, with the relevant Schedule applying?

A firm, a private company or an unlisted public company may convert into an LLP, each following its own Schedule. Listed public companies, cooperative societies and trusts are not covered by the conversion provisions of the Act.

  1. AA listed public company
  2. BA firm, a private company or an unlisted public companyCorrect
  3. CA cooperative society registered under a State law
  4. DA trust registered under the Indian Trusts Act

Explanation

Sections 55, 56 and 57 permit conversion of a firm (Second Schedule), a private company (Third Schedule) and an unlisted public company (Fourth Schedule). A listed public company is not covered, as only unlisted public companies may convert. Cooperative societies and trusts are not mentioned.

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