06 November 2007
My query is , (1) Whether in the LLP, partners are agent & Principal of one another, means whether they are liable to each other for their own work in the faith of firm? (2) Whether LLP is liable to make their A/c's audited even if it's turnover is less than 10/40 lacs like a limited liability company?
08 November 2007
LLP is a separate legal person. It is viewed as alternative corporate business vehicle. LLP is responsible for dets unless individual members have personally guaranteed a loan to the business. The members of LLP have limited liability. The LLP is liable for its debt to the full extent of its assets. Members are agents of the LLP and owe the duties of an agent. LLP has same disclosure requiremtns as those of a company.
14 November 2007
Thank u very much for ur reply. Now i have only one doubt that Members are the agent of the LLP. But whether partner's are agent & principal of one another like Old general unlimited partnership ?
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