Conversion to limited liability partnership makes the LLP the registered entity and vests all assets and liabilities in it. The Registrar registers conversions on satisfaction of compliance with the applicable schedule and issues a certificate fixing the registration date; the LLP must notify the former registrar within fifteen days. From the certificate date, the LLP exists by that name, all assets, rights, liabilities and the undertaking of the firm or company vest in the LLP without further act, the parties are bound by the applicable schedule, and the original firm or company is deemed dissolved and removed from prior records.