What are the rules for LLP?
The minimum number of partners to incorporate an LLP is 2. There is no upper limit on the maximum number of partners of LLP. Among the partners, there should be a minimum of two designated partners who shall be individuals, and at least one of them should be resident in India.
Does general partnership law apply to LLP?
As in a general partnership, all partners in an LLP can participate in the management of the partnership.
What is the procedure for changing the name of LLP under the LLP Act 2008?
LLP can change its name by filling the following forms : Form 1 (Application for reservation or change of name) is required to be filled for name approval. After the name gets approved, applicant is required to file Form 5 (Notice for change of name) to intimate the registrar about the name change of LLP.
What can be prosecuted under LLP Act 2008?
(1) In the event of an act carried out by a limited liability partnership, or any of its partners, with intent to defraud creditors of the limited liability partnership or any other person, or for any fraudulent purpose, the liability of the limited liability partnership and partners who acted with intent to defraud …
What rule is not applicable to LLP?
(9) A person shall not be qualified for appointment as an auditor of a limited liability partnership unless he is a Chartered Accountant in practice. (10) An auditor or auditors of a limited liability partnership shall be appointed for each financial year of the LLP for auditing its accounts.
Can LLP purchase property?
LLP is a body corporate and a legal entity separate from its partners. It has perpetual succession. Thus, an LLP is capable, in its own name, of acquiring, owning, holding, disposing of property, whether movable, immovable, tangible or intangible.
Can LLP be listed on stock exchange?
As per the norms, only those LLPs would be eligible for membership on the bourses that have complied with the financial requirements and its designated partners are not disqualified from being members of stock exchanges. …
How can I remove partner from LLP?
A Partner in a LLP cannot be removed by a majority of the other Partner unless the LLP agreement expressly provides such powers. If the LLP Agreement provides such power, a Partner can be removed and Form 4 must be filed to effect the removal.
Who should be intimated regarding the changes in the LLP agreement?
The changes in the LLP Agreement must be intimated by filing requisite form to the registrar. The form must be certified by the authorised signatory. The Form must be filed within a period of 30 days from the date of the change. The Registrar will take on record, necessary changes made in the LLP Agreement.
What are the legal provisions of the LLP Act relating to designated partner and his responsibilities and liabilities?
A designated partner becomes responsible for compliances under the LLP Act, including the filing of documents, returns, statements, etc. and in a case of contravention/ non-compliance, a designated partner may become liable to punishments/ penalties under the LLP Act personally and severally.
What is section 24 of the limited liability partnership rules 2009?
Section 24 in The Limited Liability Partnership Rules, 2009 24 (1) Every limited liability partnership shall keep books of accounts which are sufficient to show and explain the limited liability partnership’s transactions and are such as to
When do the Limited Liability Partnership (Amendment) Rules come into force?
(1) These rules may be called the Limited Liability Partnership (Amendment) Rules, 2011. (2) These rules shall come into force from the date of their publication in the Official Gazette. 2. After sub-rule (4) of rule 24 of the Limited Liability Partnership Rules, 2009, the following proviso shall be inserted, namely :—
What are the rules of the LLP Act 2009?
(1) Vide G.S.R. 229 (E), dated 1st April, 2009. 3 Forms. (1) Every LLP shall use the forms annexed to these rules for the purposes of the Act. (2) Every LLP shall specify therein its limited liability partnership identification number (LLPIN).
How long must a limited liability partnership keep its books of account?
(3) The books of account which a limited liability partnership is required to keep shall be preserved for eight years from the date on which they are made.