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Converting a Partnership into LLP [Whiteboard Friday]

General Partnership is an unlimited liability form of doing business. As business grows, it may make sense for existing Partnership to convert to a better structure like LLP so as to limit Promoter’s liabilities.

In this episode of eLagaan Whiteboard Friday, the eLagaan team talks about how to go about converting a Partnership into a LLP. It also looks at various tax and compliances that needs to be complied with, various restrictions the law imposes post conversion and possible areas which needs to be thoroughly examined before taking a call to convert.