Section 2
Eligibility for conversion of private companies into limited liability partnership . — (1) A company may convert into a limited liability partnership by complying with the requirements as to the conversion set out in this Schedule.
2. Eligibility for conversion of private companies into limited liability partnership . — (1) A company may convert into a limited liability partnership by complying with the requirements as to the conversion set out in this Schedule.
(2) A company may apply to convert into a limited liability partnership in accordance with this Schedule if and only if—
(a) there is no security interest in its assets subsisting or in force at the time of application; and
(b) the partners of the limited liability partnership to which it converts comprise all the shareholders of the company and no one else.
(3) Upon such conversion, the company, its shareholders, the limited liability partnership into which the company has converted and the partners of that limited liability partnership shall be bound by the provisions of this Schedule that are applicable to them.
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