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Does Existing Partmentship Need to convert in to LLP Act

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(Querist)
03 May 2009 Dear All,

I have doubt in mind that existing Pratmentship firm need to convert to new LLP act ?
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CA CS CMA Srinivasan N

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CA CS CMA Srinivasan N (Expert)
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.
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chirag

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chirag (Querist)
03 May 2009 Thanks Sir,

Is it advisable to convert where partners are father and sons.
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Ankur Garg

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Ankur Garg (Expert)
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
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CMA KNVV Sri Vidya - Sri Kanth

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CMA KNVV Sri Vidya - Sri Kanth (Expert)
03 May 2009 Its not mandatory
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