https://www.taxtmi.com/acts?id=11450 Transfers of assets or shares resulting from conversion of a private or unlisted public company into a limited liability partnership are governed by a new clause in section 47, subject to conditions: all assets and liabilities vest in the LLP; all shareholders become partners with proportionate capital contributions and profit shares; no consideration is paid to shareholders other than such contributions and profit shares; a prescribed aggregate profit sharing retention by original shareholders must be maintained for five years; distributions of accumulated profits to partners are restricted for three years; and eligibility is limited by the company's prior business receipts. en-us Tue, 11 May 2010 13:44:33 +0530 Tue, 11 May 2010 13:52:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=11450 Transfers of assets or shares resulting from conversion of a private or unlisted public company into a limited liability partnership are governed by a new clause in section 47, subject to conditions: all assets and liabilities vest in the LLP; all shareholders become partners with proportionate capital contributions and profit shares; no consideration is paid to shareholders other than such contributions and profit shares; a prescribed aggregate profit sharing retention by original shareholders must be maintained for five years; distributions of accumulated profits to partners are restricted for three years; and eligibility is limited by the company's prior business receipts. Act-Rules F. Acts / Amendment Acts Tue, 11 May 2010 13:44:33 +0530 https://www.taxtmi.com/acts?id=11450