Limited liability partnership
This query is : Resolved
28 January 2014
In the case of LLP, is perpetual succession compulsory? Further, what is the repercussions to loan to LLP from bankers point of view if it is not having perpetual succession?
28 January 2014
LLP is a "body corporate" formed and incorporated under LLP Act;
— legal entity separate from its partners and has perpetual succession.[Section 3(1)]
— legal entity separate from its partners and has perpetual succession.[Section 3(1)]
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