Conversion to limited liability partnership triggers registration, automatic vesting of assets and obligations, and dissolution of the predecessor entity. Conversion to a limited liability partnership requires the Registrar to register documents evidencing compliance with the relevant Schedule and issue a certificate stating the registration date; the LLP must notify the previous registrar of the conversion. From the certificate date the LLP specified in the certificate is created, all tangible and intangible property, assets, rights, privileges, liabilities and obligations of the predecessor firm or company vest in the LLP without further assurance, and the predecessor entity is deemed dissolved and removed from the registrar's records.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Conversion to limited liability partnership triggers registration, automatic vesting of assets and obligations, and dissolution of the predecessor entity.
Conversion to a limited liability partnership requires the Registrar to register documents evidencing compliance with the relevant Schedule and issue a certificate stating the registration date; the LLP must notify the previous registrar of the conversion. From the certificate date the LLP specified in the certificate is created, all tangible and intangible property, assets, rights, privileges, liabilities and obligations of the predecessor firm or company vest in the LLP without further assurance, and the predecessor entity is deemed dissolved and removed from the registrar's records.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
