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ATTENTION PLEASE LLP ?????

CA Sudhir Halakhandi (PRACTICING CHARTERED ACCOUNTANT) (13401 Points)

27 January 2009

THE LLP ACT-2008 HAS GOT THE ASSENT OF HON. PRESIDENT ON 7TH JAN 2009. I HAVE GONE THROUGH THE ACT AND ASKED SO MANY EXPERT ABOUT MAXIMUM NUMBER A LLP CAN HAVE????

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CA.E.Deepan Chakravarthy (CA and CS Executive) (462 Points)
Replied 27 January 2009

Hello sir,

In LLP Act, 2008, nothing is mentioned about maximum number of partners or designated partners. It is clear by section 11(1)(a) A LLP must contain two persons as partner and by section 7(1) a LLP must contain two person as designated partner. This act is enacted to facilitate the professionals to form a firm with any number of partners so we can conclude there is no restriction in maximum number of partners.

Till, The companies Act, 1956 prevails in our country, the section 11 of The Companies Act, 1956 is applicable to the LLP also, in the section 11(2) it is clearly stated No company, association or partnership consisting of more than twenty persons shall be formed for the purpose of carrying on any other business that has for its object the acquisition of gain by the company, association or partnership, or by the individual members thereof, unless it is registered as a company under this Act, or is formed in pursuance of some otherIndian law. So, I think by this section, even LLP should have only maximum of 20members.

This is my opinion, further amendments in LLP and enactment of The Companies Act, 2008 will give clear picture to us.

Note : Please bear for me sir, if I made any mistake.

Regards,

Deepan Chakravarthy.E

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Pratik K (Student) (3406 Points)
Replied 28 January 2009

sirji did you get the right answer?

CA Sudhir Halakhandi (PRACTICING CHARTERED ACCOUNTANT) (13401 Points)
Replied 28 January 2009

BUT LLP IS THE FORMATION OF LIMITED LIABILITY PARTNERHIP ACT-2008 THEN WHY SECTION 11 OF THE COMPANIES ACT-1956 IS APPLICABLE WHEN EXCLUSION FOR A ASSOCIATION OR PARTNERHIP FORMED BY ANY OTHER LAW HAS BEEN THERE????

Sameer Medhekar (Student) (4140 Points)
Replied 29 January 2009

Sir what is the final answer of your main question here

have you find that

CA Sudhir Halakhandi (PRACTICING CHARTERED ACCOUNTANT) (13401 Points)
Replied 29 January 2009

NO SAMEER , I AM STILL SEARCHING THE ANSWER AND IT IS URGENT BECASUE I HAVE TO ADDRESS A SEMINAR ON LLP ON 31ST. JAN.

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shailesh agarwal (professional accountant) (7642 Points)
Replied 29 January 2009

see attached file--

Attached File : 49 7 limited liability partnership - article.pdf downloaded: 240 times

shailesh agarwal (professional accountant) (7642 Points)
Replied 29 January 2009

see some more-attached files=

posted by me earlier-in earlir

Attached File : 29 19 comparison between traditional partnership and llp.doc downloaded: 208 times

CA Sudhir Halakhandi (PRACTICING CHARTERED ACCOUNTANT) (13401 Points)
Replied 29 January 2009

THANKS SHAILESH!!!!

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ATTENTION PLEASE LLP ?????

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