Conversion of pvt co to LLP - query for withdrawal of funds

CA Vitrag Modi (9 Points)

31 May 2020  
Dear Sir,
There is one private company having capital and free reserves.
It is planning to convert its reserves into capital by issue of Bonus shares and then to convert the pvt company to LLP.

Now after conversion to LLP, is there any restriction on withdrawal of funds from LLP ?

Partners want to withdraw capital and then they may Dissolve the LLP.

(Accumulated reserves can't be withdrawn till 3 years. So bonus issue is planned)