A Pvt. Ltd company converted into LLP in FY 20-21. All assets and liabilities has been transferred into LLP.
Paid up Share Capital: 1 lacs
Reserves & Surplus : Rs. 50 lacs
Query: Can Partners withdraw from reserves & Surplus transferred in LLP ?
Is there any tax implication in LLP?
1 Replies
Chirag
(Professional)
(1979 Points)
Replied 06 March 2022
Once the LLP converted and DP became shareholders then provision of companies act shall be applicable from withdraw of reserves ...for permitted purpose ,I don't think any provision in act which allows withdrawal of reserves for compensation to shareholders
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