Conversion from firm to LLP transfers firm assets and obligations to the LLP, with partners liable for pre-conversion debts. Conversion transfers the firm's property, assets, rights, liabilities and whole undertaking to the LLP upon registration; the LLP is treated as the party to existing contracts, proceedings and approvals from the registration date, the firm is deemed dissolved, and partners remain personally liable for pre-conversion liabilities though entitled to indemnity from the LLP if they discharge such obligations.