Limited Liability Partnership

This query is : Resolved 

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

A V Vishal (Expert)
18 May 2011

What are the qualifications for becoming a partner in a LLP?

Any individual or body corporate may be a partner in a LLP. However an individual shall not be capable of becoming a partner of a LLP, 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.

Shelley Agrwal (Querist)
18 May 2011

Thanks Mr. A V Vishal :)

Kindly tell me the source which has to be considered in this case for defining Body Corporate. would the defination of Body Corporate defined in Companies Act be applicable here????

Guest (Expert)
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.

Shelley Agrwal (Querist)
19 May 2011

Thank You Mr. Dhingra...

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