![]() ![]() ![]() ![]() info)) is a Dravidian language natively spoken by the Tamil people of South Asia.Tamil ( / ˈ t ɑː m ɪ l/ தமிழ் Tamiḻ, pronunciation ( help Tamil text used in this article is transliterated into the Latin script according to the ISO 15919 standard. If the entity is required to file any form/application/document, then it needs to be filed in an electronic form on the website Further, a partner or designated partner has to authenticate the same using an electronic or digital signature.Tamil is written in a non-Latin script. Conversion into LLPĪ private company, firm, or an unlisted public company or a small business can convert into an LLP in accordance with the provisions of the Act. Compromise or ArrangementĪny compromise or arrangement like a merger or amalgamation needs to be in accordance with the Act. Further, they can appoint a competent authority for the same. The power to investigate the affairs of an LLP resides with the Central Government. It is essential that the entity is formed to carry on a lawful business with a view to earning a profit. Limited Liability Partnerships cannot be formed for charitable or non-profit purposes. ![]() However, only the designated partners are responsible for legal compliances. The partners of the LLP can manage their business. Business Management and Business Structure There is no maximum limit on the number of maximum partners in the entity. At any time, at least one designated partner should be resident in India. Minimum and Maximum Number of Partners in an LLPĮvery Limited Liability Partnerships must have at least two partners and at least two individuals as designated partners. It provides personal liability protection to its partners. Further, the liability of each partner has limitations to his agreed contribution to the LLP. However, he is not an agent of other partners. Limited LiabilityĪccording to Section 26 of the Act, every partner is an agent of the LLP for the purpose of the business of the entity. Further, the common seal can be affixed only in the presence of at least two designated partners of the LLP. However, if it decides to have a seal, then it is necessary that the seal remains under the custody of a responsible official. If the partners decide, the LLP can have a common seal. It is invisible, intangible, and immortal but not fictitious since it exists. A legal process creates it and has all the rights of an individual. Artificial Legal Personįor all legal purposes, LLP is an artificial legal person. If such an agreement is not made, then the Act governs the mutual rights and duties of all partners. Also, the partners can devise the agreement as per their choice. LLP AgreementĪn agreement between all partners governs the rights and duties of all the partners. All partners are agents of the LLP and the actions of one partner do not bind the others. Mutual AgencyĪnother difference between an LLP and a partnership firm is that independent or unauthorized actions of one partner do not make the other partners liable. Hence, the creditors of the LLP are not the creditors of individual partners. Also, the liability of the partners has certain limitations in their contribution to the LLP. Further, it is completely liable for its assets. Just like a corporation or a company, it is a separate legal body. Further, it can enter into contracts and hold property in its name. Unlike a general partnership firm, a limited liability partnership can continue its existence even after the retirement, insanity, insolvency or even death of one or more partners. It is a legal entity separate from its partners. 2 Solved Question on LLP Salient Features of Limited Liability Partnership LLP is a body corporateĪccording to Section 3 of the Limited Liability Partnership Act 2008 (LLP Act), an LLP is a body corporate, formed and incorporated under the Act. ![]()
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