Mrs X and Mrs Y are joint Designated Partners in ABC LLP having registered address at a house jointly owned by Mrs X and Mr X. Now the above LLP intneds to sign rent agreement with Mr X for taking one room of above house for running ABC . Is this rent agreement valid from legal point of view considering that Mrs X is also joint owner of entire house. Mrs Y does not own any property. Are such rent agreements okay with LLP Act for showing rent paid as expenses of above LLP .
Ji, Rent Agreement/Lease shall be executed bewteen the ABC (LLP) represented by its Managing Partner/MD and house owner/s (Mr.X and Mrs.X) for a certain period on a monthly/yearly rent basis. the Lease deed shall be registered irrespective of Lease period.