A Private Limited Company wishes to convert itself into LLP. Questions arising are:
- What will happen to the Share Capital and Reserves and Surplus of Pvt Ltd?
- it is said that for three years these reserves and share capital can not be touched. it it ture?
- if it is true, can the shareholders transfer the share capital and reserves to their capital account and withdraw?
- if yes, what will be the impact of Income Tax on such transfers / withdrawal?