Conversion of company
RACHIT
(Querist) 29 March 2014
This query is : Resolved
Dear Sir,
There is a company which is inactive at present and we want to convert it into Limited Liability Partnership, so what is the process of conversion ? And whether the conversion took place by 31st march 2014 or what is the expected time of conversion ?
And if we want to convert the inactive company into dormant company then what is the procedure?
what should be done from above 2 cases ?
Devajyoti Barman
(Expert) 29 March 2014
Engage a legal professional or a CA , he will do the needful.
Sourav Das
(Expert) 31 March 2014
A private company can be converted into a LLP firm as per the Third Schedule and the Fourth Schedule of the Limited Partnership Liability Act of 2008. If the private company has to be converted into a LLP firm then according to the Third and the Fourth Schedule of the said Act, there can be conversion of it only when there is no security interest subsisting in force at the time of the filing of the application for the said conversion. If there exists any secured loans, then the consent of the creditors is required to make a conversion of the private or an unlisted company into a LLP firm.
T. Kalaiselvan, Advocate
(Expert) 02 April 2014
As advised, please consult your chartered accountant or an auditor and get all the doubts clarified.
