A company is a designated partner in a LLP.
The LLP is taking a loan for which the partner company will be giving corporate guarantee.
Please advice whether it would violate provisions of Section 185 of the Companies Act.
1 Replies
Vandana J Doshi
(Practising Company Secretary)
(12562 Points)
Replied 01 August 2014
Hi Deepika,
first of all as far as i know, Company can become a partner but not a designated partner in a LLP.....it has to be an individual......
Secondly, if the designated partner is a director or its relative then only sec 185 will be attracted, otherwise sec 186 will have to be followed.....
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