Vidisha Gupta (Company Secretary) (91 Points)
13 August 2013Dear Friends,
I have a query regarding llp please give me your valuable time to solve this.
I had read somewhere that LLP can not Hold Property In its own name. is it correct if yes then please provide me with correct section where it is so said
Regards
Vidisha
Ankit
(CA, CS)
(3064 Points)
Replied 13 August 2013
Dear Vidisha,
According to me, LLP can hold property in its own name. infact, that is the main point of difference between a normal partnership firm and an LLP
Vidisha Gupta
(Company Secretary)
(91 Points)
Replied 13 August 2013
Thanks, ankit for your quick reply but can you provide me the section inwhich it is written.
CA Bhavin Venugopal
(CHARTERED ACCOUNTANT)
(681 Points)
Replied 13 August 2013
Ankit
(CA, CS)
(3064 Points)
Replied 13 August 2013
you are welcome Vidisha,
I dont think there is a specific provision which says so. but then , there is also no section which prohibits so.
hence, it is allowed.
you can refer to the following link for the same (see point 2 in the concept of LLP)
https://www.mca.gov.in/LLP/nature_llp_faq.html
Vikram Bhatia
(CA Final)
(122 Points)
Replied 13 August 2013
Dear Vidisha,
its written in Point 14 of The Limited Liability Partnership Act, 2008...
Here is the link where you can check it..
Vidisha Gupta
(Company Secretary)
(91 Points)
Replied 13 August 2013
Thanks, Vikram and Ankit for your quick response
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