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of <h1>Guide to Converting a Firm to LLP: Key Steps and Partner Responsibilities Under Second Schedule, LLP Act 2008.</h1> The Second Schedule of the Limited Liability Partnership Act, 2008 outlines the process for converting a firm into a limited liability partnership (LLP). It defines key terms and stipulates that conversion requires all partners of the firm to be partners in the LLP. The conversion involves transferring all assets, liabilities, and undertakings from the firm to the LLP. The firm must file specific documents with the Registrar, who may approve or refuse registration. Upon registration, the LLP assumes all rights and obligations of the firm, and the firm is dissolved. Partners remain liable for pre-conversion obligations, and the LLP must notify its conversion in official correspondence for a year.
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