Conversion of Unlisted Public Company to LLP

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Dear Members,

I have one of my unlisted Public Company converted to LLP. All the seven shareholders and directors are Partners of LLP.

If after conversion, 5 partner wants to resign is it workable? or there is any lock in period to be partners by income tax act or any other act?

Thanks,

Heena Joshi

AI Summary

Can Partners Resign After Company Converts to LLP? No Lock-in Period Imposed by Income Tax Act or Regulations. An unlisted public company has been converted into a Limited Liability Partnership (LLP) with all seven shareholders and directors becoming partners. A query was raised about whether five partners can resign after the conversion or if there is any lock-in period mandated by the Income Tax Act or other regulations. The response provided suggests that there is no such restriction preventing the resignation of partners after the conversion.