Law · Limited Liability Partnership Act
Arrange the following procedural steps for converting an existing business entity into a Limited Liability Partnership (LLP) in chronological order. A. Conduct a thorough due diligence of the existing entity's assets, liabilities, contracts, and legal obligations. B. Transfer the assets and liabilities of the existing entity to the LLP as per the terms specified in the LLP Agreement. C. Obtain the approval of the partners or shareholders for the conversion by passing a resolution at a convened meeting. D. File an application for conversion with the regulatory authority, including necessary documents like the statement of assets and liabilities. Choose the correct answer from the options given below:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A, C, B, D
- 2C, D, A, B
- 3A, D, C, B
- 4C, A, D, B✓
Correct answer
C, A, D, B
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