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Company llp

Others 248 views 1 replies
A Pvt. Ltd company converted into LLP in FY 20-21. All assets and liabilities has been transferred into LLP.

Paid up Share Capital: 1 lacs
Reserves & Surplus : Rs. 50 lacs

Query: Can Partners withdraw from reserves & Surplus transferred in LLP ?

Is there any tax implication in LLP?
Replies (1)
Once the LLP converted and DP became shareholders then provision of companies act shall be applicable from withdraw of reserves ...for permitted purpose ,I don't think any provision in act which allows withdrawal of reserves for compensation to shareholders


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