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of <h1>Private Company Conversion to LLP: Process, Asset Transfer, and Compliance Under LLP Act, 2008 Third Schedule</h1> The Third Schedule of the Limited Liability Partnership Act, 2008 outlines the process for converting a private company into a limited liability partnership (LLP). A company can convert if it has no existing security interests and all shareholders become partners in the LLP. The conversion involves transferring all assets, liabilities, and undertakings to the LLP. The company must file necessary documents with the Registrar for registration. Post-registration, the LLP assumes all rights and obligations of the company, which is then dissolved. Existing agreements, contracts, and employment continue under the LLP, and the LLP must notify authorities of the conversion. Non-compliance with notification requirements can result in fines.
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