Who can become a partner in an llp

This query is : Resolved 
 

(Querist)
15 May 2018

Dear all,

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?

Thanks in advance.


M V Gupta (Expert)
16 May 2018

A Trust, Public or private, is not a corporate body. Hence, a Trustee cannot become partner in LLP representing the trust.Section 5 of the LLP Act, 2008 is clear on this point.

Dr J C Vashista (Expert)
16 May 2018

I agree with expert advise of Mr. M V Gupta

Ms.Usha Kapoor (Expert)
17 May 2018

I agree with the opinion of Mr. M.V.Gupta.


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.



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