Conversion of Unlisted Public Company to LLP

[Asked by Guest]

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

[DR.MARIAPPAN GOVINDARAJAN]

In my opinion NO

AI Summary

Conversion to LLP: withdrawal of founding partners post-conversion not permitted, respondent advised no in forum.
Whether a subset of partners may resign after an unlisted public company converts to an LLP was asked, including whether any statutory lock in under tax or other laws applies; the only response recorded in the forum was a plain negative: "NO," with no further explanation or statutory analysis provided.