Limited liability partnership
This query is : Resolved
24 June 2015
What are the differences between partners and designated partners in LLP.
24 June 2015
refer https://taxmantra.com/differences-between-a-partner-and-a-designated-partner-in-llp.html/
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24 June 2015
Same as partners in normal partnership firm with additional requirements to hold DPIN and others as per LLP Act.
All provisions of partnership applies to LLP too
All provisions of partnership applies to LLP too
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26 June 2015
thanks guys...but u dint get my question..
My point is there can be two types of partner in LLP one is designated partner and other one is ordinary partner. Designated partner is responsible for filing all compliances. is there any other difference apart from this?
or their duties and rights are just governed by the LLP agreement?
My point is there can be two types of partner in LLP one is designated partner and other one is ordinary partner. Designated partner is responsible for filing all compliances. is there any other difference apart from this?
or their duties and rights are just governed by the LLP agreement?
26 June 2015
There is no concept of ordinary partner in LLP. All the partners are named as designated partners as are termed as directors in company instead of employee.
26 June 2015
By "ordinary partner" i mean "partner" only. And well as per LLP Act these are two separate terms one being partner and other is designated partner.
26 June 2015
Oh. Thanks for the information. Regret for the unfruitful info.
26 June 2015
another major difference is on liability toward third parties. I believe article on tax mantra covered the basic differences very well
27 June 2015
ok.. i have also went through that article before posting this query but i nowhwere found such difference in the act so just want to confirm it.
Thanks for giving your valuable time to my query @nikhil Kaushik @Basant Jajoo
Thanks for giving your valuable time to my query @nikhil Kaushik @Basant Jajoo
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