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LLP

(Querist) 22 January 2011 This query is : Resolved 
A LLP act provides that designated partner shall be liable for all penalties imposed for non compliance of provision of act.
does it mean he is personally liable

for eg:- if firm files its annual accounts after due date & therefore penalty is imposed on firm. Now is only DP share is liable?
if yes, in what ratio?
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abhishek (Expert) 23 January 2011
YES,AS PER SECTION 8, A DESIGNATED PARTNER SHALL BE LIABLE TO THE LOSS OR THE EXTENT OF HIS SHARE

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