Section 17. Notice of conversion in correspondence

17. Notice of conversion in correspondence.— (1) The limited liability partnership shall ensure that for a period of twelve months commencing not later than fourteen days after the date of registration, every official correspondence of the limited liability partnership bears the following: (a) a statement that it was, as from the date of registration, converted from a firm into a limited liability partnership; and (b) the name and registration number, if applicable, of the firm from which it was converted. (2) Any limited liability partnership which contravenes the provisions of sub-paragraph (1) shall be punishable with fine which shall not be less than ten thousand rupees but which may extend to one lakh rupees and with a further fine which shall not be less than fifty rupees but which may extend to five hundred rupees for every day after the first day after which the default continues. THE THIRD SCHEDULE ( See section 56) CONVERSION FROM PRIVATE COMPANY INTO LIMITED LIABILITY PARTNERSHIP — 1. Interpretation.— In this Schedule, unless the context otherwise requires, (a) "company" means a private company as defined in clause (iii) of sub-section (1) of section 3 of[1] [the Companies Act, 2013(18 of 2013)]; (b) "convert", in relation to a private company converting into a limited liability partnership, means a transfer of the property, assets, interests, rights, privileges, liabilities, obligations and the undertaking of the private company to the limited liability partnership in accordance with this Schedule.