Four schedule have seen added at the end of the Limited Liability Partnership (LLP) Act. the second schedule entertains which one of the following?

Question

Question

This question was previously asked in

UGC NET Paper 2: Commerce 13th June 2023 Shift 2

Provisions to conversion from private company into limited liability partnership
Provisions regarding matters to mutual rights and duties of partners and limited liability partnership and its partners applicable in the absence of any agreement on such matters
Provisions relating to conversion of a firm into limited Liability partnership
Provisions for conversion from unlisted public company into limited liability partnership

Answer 1

The correct answer is Provisions relating to conversion of a firm into limited Liability partnership

Key Points

The Limited Liability Partnership (LLP) Act in India includes four schedules that cover different aspects of the applicability, conversion, and structure of LLPs.
Specifically, each of the schedules covers the following aspects:
- The First Schedule includes provisions about the mutual rights and duties of partners and of the LLP and its partners in situations when there is no agreement on these matters.
- The Second Schedule details provisions for the conversion of a traditional partnership firm into a Limited Liability Partnership.
- The Third Schedule provides guidelines for the conversion of private companies into an LLP.
- The Fourth Schedule prescribes rules for converting an unlisted public company into an LLP.
So according to these definitions, the correct answer would be: The second schedule in the LLP Act covers provisions corresponding to the conversion of a partnership firm into a Limited Liability Partnership. Hence the correct option is 3) Provisions relating to conversion of a firm into Limited Liability partnership.