Conversion of partnership to llp

Advocate.Amol Choubal (Querist) 11 June 2013 This query is : Resolved
Sir,
My client wants to convert unregistered partnership to Limited Liability Partnership.

Whether stamp duty is attracted on tranfer of assets on newly incorporated LLP on conversion.

Kindly revert.

Regards
Amol Choubal

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RAJESH KHANNA mob 09780573241 (Expert) 12 June 2013
there is no need to pay stamp duty ON this transfer BECAUSE ownership is lying with partner who are owners of previous unregistered partnership and also of new LLP.

Raj Kumar Makkad (Expert) 12 June 2013
Unregistered partnership has no legal entity hence the capital or properties lying in the names of the individual partners may be duly transferred now as their capital in LLP without stamp duty.

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