THE SECOND SCHEDULE[
See section 55]CONVERSION FROM FIRM INTO LIMITED LIABILITY PARTNERSHIP
Interpretation.1. In this Schedule, unless the context otherwise requires,-
| (a) | - | "firm" means a firm as defined in section 4 of the Indian Partnership Act, 1932 (9 of 1932); |
| (b) | - | "convert", in relation to a firm converting into a limited liability partnership, means a transfer of the property, assets, interests, rights, privileges, liabilities, obligations and the undertaking of the firm to the limited liability partnership in accordance with this Schedule. |
Conversion from firm into limited liability partnership.2. (1) A firm may convert into a limited liability partnership by complying with the requirements as to the conversion set out in this Schedule.(2) Upon such conversion, the partners of the firm shall be bound by the provisions of this Schedule that are applicable to them.
Eligibility for conversion.3. A firm may apply to convert into a limited liability partnership in accordance with this Schedule if and only if the partners of the limited liability partnership into which the firm is to be converted, comprise, all the partners of the firm and no one else.
Statements to be filed.4. A firm may ap
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