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of <h1>Converting Firms to LLP: Key Steps & Obligations Under Limited Liability Partnership Bill, 2008. Compliance Crucial to Avoid Fines.</h1> The statutory provisions outline the process for converting a firm into a limited liability partnership (LLP) under the Limited Liability Partnership Bill, 2008. A firm may convert into an LLP if all its partners become partners in the LLP. The conversion requires filing specific documents with the Registrar, who may issue a certificate of registration. Upon registration, the LLP assumes all assets, liabilities, and obligations of the firm, which is deemed dissolved. Existing contracts, proceedings, and employment continue under the LLP. Partners remain liable for pre-conversion obligations but can seek indemnification from the LLP. Official correspondence must disclose the conversion for twelve months. Non-compliance may result in fines.
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