Regarding llp

I would advice you to write and register a will with the specification that your share in all the properties will belong to your sons and shall be managed by a local guardian to act as a partner of LLP and shall relinquish his/her right, once the son/sons attain the age of 18.

 

No a minor cannot be a director however my suggestion would be to add a clause to the LLP agreement to the effect that both your children upon reaching the age of majority be automatically instated as directors in the said company.

Hey, 

In your will, please write that your shares in the LLP would automatically get vested in your children equally and that if in the scenario that they are not majors by that time then nominate a trustworthy person to be the caretaker until they attain majority post which automatically they can claim majority. Also mention that when they have not yet attained majority and is being taken care of by the trustowrthy person, any benefits accrued in the meanwhile would be used for the benefit of them. 

A minor can be admitted to the benefits of partnership with the consent of all the existing partners.  consent of all the partners is required for a minor to be admitted in a partnership firm .There must be a partnership in existence before a minor can be admitted to its benefits. Thus, a minor cannot form a new partnership but can be admitted in an existing partnership.

Yes, Sankar Narayana 

The query is about Limited Liability Partnership and not about a Partnership. LLP is governed by The Limited Liability Partnership Act, 2008 and not the Indian Partnership Act 1932.

 

The Basic purpose of LLP is that Professionals can come together to conduct their professional services. It is not for business as such. Going by the spirit of the Act, although there is no specific ban on Minors being admitted into the LLP, it does not logical in view of the very purpose of the Act.

 

When a Partner in LLP expires, and LLP is continued after such demise in the same name, the name of such deceased partner shall not be used and his legal heirs are not liable for any action subsequent to the date of demise.