Conversion of partnership to llp
This query is : Resolved
02 January 2015
one of my client wants to convert partnership into LLP. plot of land is owned by partnership firm. there are two partners in the firm and LLP will be formed with the same partners. my query is whether stamp duty will attract on this .... treating transfer of land from partnership to LLP?
02 January 2015
No stamp duty will attract.
All tangible as well intangible property vested in the firm, all assets, interests, rights, privileges, liabilities, obligations relating to the firm and the whole of the undertaking of the firm shall be transferred to and shall vest in the LLP without further assurance, act or deed.
All tangible as well intangible property vested in the firm, all assets, interests, rights, privileges, liabilities, obligations relating to the firm and the whole of the undertaking of the firm shall be transferred to and shall vest in the LLP without further assurance, act or deed.
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