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      Question

      Under the Limited Liability Partnership Act, how can a

      firm convert into a limited liability partnership?
      A By obtaining a court order Correct Answer Incorrect Answer
      B By following the provisions of the Second Schedule and relevant Chapter Correct Answer Incorrect Answer
      C By filing a petition with the Registrar of Companies Correct Answer Incorrect Answer
      D By merging with an existing LLP Correct Answer Incorrect Answer
      E By obtaining approval from all creditors Correct Answer Incorrect Answer

      Solution

      Section 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.

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