limited liability partnership

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ajay arora

ajay arora (Querist)
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10 August 2010 what is the limited liability partnership concept?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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10 August 2010 1. Minimum two designated partners for the LLP should be there.

2. Atleast one of them must be a resident of India, is required to be filled in the application for reservation of name.

3. Only individuals or nominees on behalf of the bodies corporate as partners can act as designated partners.

4. Designated Partners Identification Number (DPIN) is mandatory for all the designated partners.

5. Digital Signature Certificate (DSC) is mandatory for all the Designated Partners for filing e-Forms online with Office of Registrar, Ministry of Corporate Affairs.

6. Proof of Address of Registered Office of LLP to be provided to Regulatory Authority

7. Partners: “Partner”, in relation to a Limited Liability Partnership (LLP), means any person who has been admitted as a partner in the limited liability partnership in accordance with the LLP Agreement.

An individual or a body corporate may become a Partner in a limited liability partnership. An individual shall not be capable of becoming a partner of a LLP, if —
(a) he has been found to be of unsound mind by a Court of competent jurisdiction and the finding is in force;
(b) he is an undischarged insolvent; or
(c) he has applied to be adjudicated as an insolvent and his application is pending.

8. Designated Partners: “Designated partner” means any partner designated as such pursuant to section 7 of the said Act [Section 2(1)(j) of the LLP Act 2008].

9. Every LLP should have at least 2 designated partners and at least 1 should be resident in India. The term “resident in India” means a person who has stayed in India for a period of not less than one hundred and eighty-two days during the immediately preceding one year.

10. The designated partner shall be answerable for doing of all acts, matters and things as are required to be done by LLP and will be responsible for filing of documents, returns, statements and the like as may be specified in the LLP agreement. The designated partners are liable to all penalties imposed on the LLP for any contravention of the provisions.

11. Minimum number of partners in the LLP is stipulated as two by the LLP Act 2008. In case the minimum number of partners is reduced below two and the LLP carries on Business for more than 6 months, then such sole partner with whom business is carried on, if he has knowledge of such fact, shall be personally liable for obligations of LLP during that period.

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