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    The Limited Liability Partnership Act, 2008 _ DPP

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    nikhilicai33

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    The Limited Liability Partnership Act, 2008 _ DPP

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    1 views2 pages

    The Limited Liability Partnership Act, 2008 _ DPP

    Uploaded by

    nikhilicai33

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    1

    Sampurna June 2024


    The Limited Liability Partnership Act, 2008 DPP-01

    1. Limited Liability Partnership (LLP) gives the 2. What are the essential elements to form a LLP in
    benefits of limited liability of a company on one hand India as per the LLP Act, 2008?
    and the flexibility of a partnership on the other.
    Discuss. 3. Explain the steps involved therein under the LLP Act,
    Or 2008.
    LLP gives the benefits of limited liability of a
    company and the flexibility of a partnership 4. Who are the individuals which shall not be capable of
    Or becoming a partner of a Limited Liability
    “LLP is an alternative corporate business form that Partnership?
    gives the benefits of limited liability of a company
    and the flexibility of a partnership”. Explain. 5. What are the effects of registration of LLP?
    2

    Hints & Solutions


    1. (H & S) 3. (H & S)
    Limited Liability: Every partner of a LLP is, for the Steps to incorporate LLP:
    purpose of the business of LLP, the agent of the LLP, 1. Name reservation:
    but not of other partners (Section 26 of the LLP Act, o The first step to incorporate Limited
    2008). The liability of the partners will be limited to Liability Partnership (LLP) is reservation of
    their agreed contribution in the LLP, while the LLP it name of LLP.
    self will be liable for the full extent of its assets. o Applicant has to file e-Form 1 for
    Flexibility of a partnership: The LLP allows its ascertaining availability and reservation of
    members the flexibility of organizing their internal the name of a LLP business.
    structure as a partnership based on a mutually arrived 2. Incorporate LLP:
    agreement. The LLP form enables entrepreneurs, o After reserving a name, user has to file e-
    professionals and enterprises providing services of Form 2 for incorporating a new Limited
    any kind or engaged in scientific and technical Liability Partnership (LLP).
    disciplines, to form commercially efficient vehicles o e-Form 2 contains the details of LLP
    suited to their requirements. Owing to flexibility in proposed to be incorporated,
    its structure and operation, the LLP is a suitable partners’/designated partners’ details and
    vehicle for small enterprises and for investment by consent of the partners/designated partners to
    venture capital. act as partners/ designated partners
    3. LLP Agreement:
    2. (H & S) o Execution of LLP Agreement is mandatory
    Essential elements to incorporate LLP- as per Section 23 of the Act.
    Under the LLP Act, 2008, the following elements are o LLP Agreement is required to be filed with
    very essential to form a LLP in India: the registrar in e-Form 3 within 30 days of
    (i) To complete and submit incorporation document incorporation of LLP.
    in the form prescribed with the Registrar
    electronically; 4. (H & S)
    (ii) To have at least two partners for incorporation Partners (Section 5 of Limited Liability Partnership
    of LLP [Individual or body corporate]; Act, 2008): Any individual or body corporate may be
    (iii) To have registered office in India to which all a partner in a LLP.
    communications will be made and received; However, an individual shall not be capable of
    (iv) To appoint minimum two individuals as becoming a partner of a LLP, if—
    designated partners who will be responsible for (a) he has been found to be of unsound mind by a
    number of duties including doing of all acts, Court of competent jurisdiction and the finding is
    matters and things as are required to be done by in force;
    the LLP. Atleast one of them should be resident (b) he is an undischarged insolvent; or
    in India. (c) he has applied to be adjudicated as an insolvent
    (v) A person or nominee of body corporate and his application is pending.
    intending to be appointed as designated partner
    of LLP should hold a Designated Partner 5. (H & S)
    Identification Number (DPIN) allotted by MCA. On registration of a LLP, by its name, it shall be
    (vi) To execute a partnership agreement between the capable of :- (Section 14):
    partners inter se or between the LLP and its (1) Suing and being sued
    partners. In the absence of any agreement the (2) Acquiring, owning, holding and developing or
    provisions as set out in First Schedule of LLP property, whether movable or immovable,
    Act, 2008 will be applied. tangible or intangible
    (vii) LLP Name. (3) Having a common seal, if it decided to have one
    (4) Doing and suffering such other acts and things
    as bodies corporate may lawfully do and suffer.

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