Section 7
Effect of registration . — On and from the date of registration specified in the certificate of registration issued under paragraph 5,—
7. Effect of registration . — On and from the date of registration specified in the certificate of registration issued under paragraph 5,—
(a) there shall be a limited liability partnership by the name specified in the certificate of registration registered under this Act;
(b) all tangible (movable and immovable) property as well as intangible property vested in the firm, all assets, interests, rights, privileges, liabilities, obligations relating to the firm and the whole of
the undertaking of the firm shall be transferred to and shall vest in the limited liability partnership without further assurance, act or deed; and
(c) the firm shall be deemed to be dissolved and if earlier registered under the Indian Partnership Act, 1932 (9 of 1932) removed from the records maintained under that Act.
Roop's Law Assist