As per the LLP Act, an individual or a body corporate can become partners in an LLP. I would like to know whether an individual in the capacity as a trustee (representing the trust) can become a partner in an LLP?
18 May 2018
Any individual or body corporate may be a partner in a limited liability partnership: Provided that an individual shall not be capable of becoming a partner of a limited liability partnership, if- (a) he has been found to be of unsound mind by a Court of competent jurisdiction and the finding is in force; (b) he is an undischarged insolvent; or (c) he has applied to be adjudicated as an insolvent and his application is pending. This section provides that an individual or a body corporate may become a partner in an LLP. The section also indicates the disqualifications which will prohibit an individual to become a partner of any LLP.