On the successful incorporation of all the processes, your partnership will convert to LLP. After the conversion, the registrar will issue a certificate of incorporation to your company. Once your partnership firm converts to LLP, the partnership firm would deem to be dissolved. Furthermore, the conversion of LLP will also convert all the assets, properties, rights, privileges, liabilities, and obligations to the LLP. In other words, the whole firm will now operate as LLP.
However, any approvals, permits, or licenses issued in writing shall not convert. So, you have to apply for new licenses or registration.
Note: Before conversion, you should consider all the aspects of conversions from partnerships to LLP. It will help you make a better decision.