Who can become a partner in an llp
akhil
(Querist) 15 May 2018
This query is : Resolved
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.
T. Kalaiselvan, Advocate
(Expert) 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.
