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- The Limited Liability Partnership Act, 2008 regulates the LLPs in India. Minimum two partners are required to. However, there is no upper limit on the maximum number of partners of an LLP. Among the partners, there should be a minimum of two designated partners who must be natural persons, and at least one of them should be resident in India.
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Details of minimum two designated partners of the proposed LLP, one of them must be a resident of India, is required to be filled in the application for reservation of name. Only individuals or nominees on behalf of the bodies corporate as partners can act as designated partners. Check status of your application by logging on the portal.
Jun 30, 2021 · The obligations of the LLP are required to be met through the property of the LLP. The liability of a partner of an LLP, except in case of fraud, is limited to such partner’s contribution in...
- FAQs on Nature of Limited Liability Partnership
- FAQs on Applicability of The LLP Act
- FAQs on Partners and Designated Partners
- FAQs on LLP Agreement
- FAQs on Registration
- FAQs on Change in Partners
- FAQs on Partners’s Contribution and Transactions of Partners with LLP
- FAQs on Liability of Partners
- FAQs on Disclosure, Audit and Filing Requirements
- FAQs on Disclosure,Audit and Filing Requirements
Q.1 Concept of “limited liability partnership” Ans.LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. 1. The LLP can continue its existence irrespective of changes in partners. It is capable of entering into contracts and holding property in its own name. 2. ...
Q.1 Whether the LLP Act is applicable to any specific services like professional services regulated by Statutes? Ans. No. Any two or more persons associating for carrying on a lawful business with a view to profit may set up an LLP. In the light of various inputs received by this Ministry for applicability of the LLP form to small entities and vent...
Q. 1 What are the restrictions in respect of minimum and maximum number of partners in an LLP? Ans.A minimum of two partners will be required for formation of an LLP. There will not be any limit to the maximum number of partners. Q. 2 Whether a body corporate may be a partner of an LLP? Ans.Yes. Q. 3 What are the qualifications for becoming a partn...
Q.1 How the mutual rights and duties of partners inter-se and those of partners and LLPs would be governed? Ans.The mutual rights and duties of partners inter se and those of the LLP and its partners shall be governed by the agreement between partners or between the LLP and the partners. This Agreement would be known as “LLP Agreement”. Q.2 Whether...
Q.1 What are the registration formalities relating to LLPs? Ans. LLPs shall be registered with the Registrar of Companies (ROC) (appointed under the Companies Act, 1956) after following the provisions specified in the LLP Act. Every LLP shall have a registered office. An Incorporation Document subscribed by at least two partners shall have to be fi...
Q. 1 How can a person become a partner of an LLP? Ans. Persons, who subscribed to the “Incorporation Document” at the time of incorporation of LLP, shall be partners of LLP. Subsequent to incorporation, new partners can be admitted in the LLP as per conditions and requirements of LLP Agreement. Q. 2 How can an existing partner cease to be a partner...
Q. 1 What is the manner in which a partner of an LLP can bring his contribution? How will it be recorded/disclosed in the accounts? Ans. Partner’s contribution may consist of both tangible and/or intangible property and any other benefit to the LLP. The monetary valueof contribution of each partner shall be accounted for and disclosed in the accoun...
Q. 1 Nature & extent of liability of a partner of an LLP? Ans.Every partner of an LLP would be, for the purpose of the business of the LLP, an agent of the LLP but not of the other partners. Liability of partners shall be limited except in case of unauthorized acts, fraud and negligence. But a partner shall not be personally liable for the wrongful...
Q. 1 Whether every LLP would be required to maintain and file accounts? Ans. An LLP shall be under obligation to maintain annual accounts reflecting true and fair view of its state of affairs. A “Statement of Accounts and Solvency” in prescribed form shall be filed by every LLP with the Registrar every year. Q. 2 Whether audit of all LLPs would be ...
Q. 1 Whether every LLP would be required to maintain and file accounts? Ans.An LLP shall be under obligation to maintain annual accounts reflecting true and fair view of its state of affairs. A “Statement of Accounts and Solvency” in prescribed form shall be filed by every LLP with the Registrar every year. Q. 2 Whether audit of all LLPs would be m...
The Limited Liability Partnership Act, 2008 regulates the LLPs in India. Minimum two partners are required to . However, there is no upper limit on the maximum number of partners of an LLP. Among the partners, there should be a minimum of two designated partners who must be natural persons, and at least one of them should be resident in India.
Jan 11, 2024 · To form an LLP in India, a minimum of two partners is required, and there is no upper limit on the number of partners. Each partner’s liability is limited to their agreed contribution to the LLP, and they are not personally liable for the actions or debts of other partners.
Every LLP shall be required to have atleast two Designated Partners who shall be individuals and at least one of the Designated Partner shall be a resident of India. In case of a LLP in which all the partners are bodies corporate or in which one or more partners are individuals and bodies corporate, at least two individuals who are partners of ...
