55. Conversion from firm into limited liability partnership.—A firm may convert into a limited
liability partnership in accordance with the provisions of this Chapter and the Second Schedule.
56. Conversion from private company into limited liability partnership.—A private company
may convert into a limited liability partnership in accordance with the provisions of this Chapter and the
Third Schedule.
57. Conversion from unlisted public company into limited liability partnership.—An unlisted
public company may convert into a limited liability partnership in accordance with the provisions of this
Chapter and the Fourth Schedule.
58. Registration and effect of conversion.—(1) The Registrar, on satisfying that a firm, private
company or an unlisted public company, as the case may be, has complied with the provisions of the
Second Schedule, the Third Schedule or the Fourth Schedule, as the case may be, shall, subject to the
provisions of this Act and the rules made thereunder, register the documents submitted under such
Schedule and issue a certificate of registration in such form as the Registrar may determine stating that
the limited liability partnership is, on and from the date specified in the certificate, registered under this
Act:
Provided that the limited liability partnership shall, within fifteen days of the date of registration,
inform the concerned Registrar of Firms or Registrar of Companies, as the case may be, with which it was
registered under the provisions of the Indian Partnership Act, 1932 (9 of 1932) or 1
[the Companies Act,
2013 (18 of 2013)] as the case may be, about the conversion and of the particulars of the limited liability
partnership in such form and manner as may be prescribed.
(2) Upon such conversion, the partners of the firm, the shareholders of private company or unlisted
public company, as the case may be, the limited liability partnership to which such firm or such company
has converted, and the partners of the limited liability partnership shall be bound by the provisions of the
Second Schedule, the Third Schedule or the Fourth Schedule, as the case may be, applicable to them.
(3) Upon such conversion, on and from the date of certificate of registration, the effects of the
conversion shall be such as specified in the Second Schedule, the Third Schedule or the Fourth Schedule,
as the case may be.
(4) Notwithstanding anything contained in any other law for the time being in force, on and from the
date of registration specified in the certificate of registration issued under the Second Schedule, the Third
Schedule or the Fourth Schedule, as the case may be,—
(a) there shall be a limited liability partnership by the name specified in the certificate of
registration registered under this Act;
1. Subs. by Act 31 of 2021, s. 2, for “the Companies Act, 1956 (1 of 1956)” (w.e.f. 1-4-2022).
23
(b) all tangible (movable or immovable) and intangible property vested in the firm or the
company, as the case may be, all assets, interests, rights, privileges, liabilities, obligations relating to
the firm or the company, as the case may be, and the whole of the undertaking of the firm or the
company, as the case may be, shall be transferred to and shall vest in the limited liability partnership
without further assurance, act or deed; and
(c) the firm or the company, as the case may be, shall be deemed to be dissolved and removed
from the records of the Registrar of Firms or Registrar of Companies, as the case may be.