Limited liability partnership

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Anuj Tiwari (Querist)
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22 May 2008 1. What is the differance between a partner and the designated partner?(w.r.t. liability and income)
2. Is the consent of all the partners or designated partners required for admission of a new partner or retirement of a partner(designated or otherwise)?
3.Why should one go for an Limited liability partnership and not for a company.
4.Extent of liabality of partners in various situations

Please help me as soon as you can. I need all. Mail at anuj4126@rediffmail.com.

Regards

Anuj

CA. Yayati Tyagi

CA. Yayati Tyagi (Expert)
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23 May 2008 as per "limited liability partnersip bill 2006":

1) simply put, partner is like shareholder and designated partner is like director.

2) admission/retirement etc. of partners will be decided in accordance with "limited liability partnership agreement" (simply like partnership agreement) entered into by all the partners at the time of creation of limited liability partnership.

3) this bill is in place to give partnershp firms a chance to operate like corporate while keeping some benefits of partnership like entry of new partner will be as per agreement, not like company where anyone can become share holder.

if you want to know more, read "THE LIMITED LIABILITY PARTNERSHIP BILL 2006" on net.

CA. Yayati Tyagi

CA. Yayati Tyagi (Expert)
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03 June 2008 replied

Anuj Tiwari

Anuj Tiwari (Querist)
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07 June 2008 Thanks.

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