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At any time, a Partnership might convert to a Public Limited Company (PLC). Partnership firms that want to conduct large-scale business operations generally register as a PLC. When a Partnership changes to a PLC, it gains the benefits of being listed as a limited liability company with a stock exchange listing. When a Partnership transforms into a PLC, it creates a legal framework in which the owner and the firm are two separate entities, with shareholders only liable for the shares they own in the Company.
In a Partnership, the liability is limitless. The partners' assets are also accountable in case of loss. A PLC, on the other hand, is a non-liability arrangement. A partner's liability in a PLC is limited to the agreed-upon amount of capital contribution. A PLC's partners cannot be held liable for the company's loss or debt. As a result, Partnerships convert to PLCs for reducing the liability.
Advantages of converting to Public Limited Company from Partnership
The following advantages will accrue to a Partnership that transforms into a Public Limited Company:
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