Conversion of private company to LLP transfers the company's undertaking and liabilities to an LLP upon statutory registration. A private company may convert into a limited liability partnership if there is no subsisting security interest in its assets and all shareholders become the LLP's partners; on registration the LLP succeeds to all the company's property, rights, liabilities and undertaking without further assurance, the company is deemed dissolved, pending proceedings and existing contracts continue enforceable by or against the LLP, and the LLP must comply with prescribed filing, notification and correspondence disclosure requirements.