Does Existing Partmentship Need to convert in to LLP Act
This query is : Resolved
03 May 2009
Dear All,
I have doubt in mind that existing Pratmentship firm need to convert to new LLP act ?
I have doubt in mind that existing Pratmentship firm need to convert to new LLP act ?
03 May 2009
It is not mandatory.
However there will be limited liability in case of LLP and hence many firms having higher stake may plan for converting to LLP.
However there will be limited liability in case of LLP and hence many firms having higher stake may plan for converting to LLP.
03 May 2009
Thanks Sir,
Is it advisable to convert where partners are father and sons.
Is it advisable to convert where partners are father and sons.
03 May 2009
Yes, It is not mandatory.
First study LLP act and figure out the benefits of LLP. Then analyse your partnership in the light of those benefits and decide what is beneficial for you.
Regards
First study LLP act and figure out the benefits of LLP. Then analyse your partnership in the light of those benefits and decide what is beneficial for you.
Regards
03 May 2009
Its not mandatory
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