17 May 2011
It is pretty clear from Indian Partnership Act that a Individual has to be a partner to form a partnership firm and if one or more companies has are willing then there has to be provisions for the same in the MOA & AOA of the company and MOU should be executed..Now my question is are the above mentioned provisions also applicable in LLP Act as well should partners be Individuals in Limited Liabilty Partnership as well???? or there are provisions kindly reply mentioning the applicable provisions
19 May 2011
Yes, Body Corporate does not have any other definition other than that is defined in the Companies Act. So, the Body Corporate, as per the reply provided by Mr. Vishal is applicable her in the LLP case.