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Partners and Designated Partners

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+ What are the restrictions in respect of minimum and maximum number of partners in an LLP?
+ Whether a body corporate may be a partner of an LLP?
+ What are the qualifications for becoming a partner?
+ Is there any residency requirement for becoming partner?
+ What are the requirements in respect of ’Designated Partners’?
+ Who can be a ’Designated Partner’?
+ How can a Designated Partner be nominated?
+ Whether it is necessary to have more resident in India designated partners than outsiders?
+ What is Designated Partner Identification Number (DPIN) ?
+ How can a person become a partner of an LLP?
+ How can an existing partner cease to be a partner of an LLP?
+ What will be the obligation of a partner in case he changes his name or address?
+ Is a partner ceased from his liability on his cessation of being the partner of the LLP?
+ What shall be the rights of the partner on his cessation to become a partner?
+ Whether a Foreign National can be appointed as Designated Partner?
+ Who is responsible for compliance?
+ Whether it is necessary for all the partners to participate in the management?
+ Can partners be prosecuted?
+ Who is a Designated Partner?
+ 2. Designated Partners are responsible for matters in respect of compliance of provisions of LLP Act. It does not mean that Designated Partners shall be the managing partners. Designated Partners may be from only view of legal compliance, managing partner
+ 3. As per Section 8(a), Designated Partner is responsible for all compliances and filing of documents pursuant to the provisions of this Act and as may be specified in LLP Agreement. Who shall be responsible for compliances under other Acts?
+ When both the rights are transferred and the partner is non-managing partner, in what capacity can he remain associated with the LLP? As subsection (2) provides that transfer of such rights does not by itself cause the disassociation of the partner.
+ What is the status of transferee after getting the rights to share profit or loss from another partner in the LLP?
+ Whether LLP Agreement can provide that Economic Rights of partners cannot be transferred in the manner provided in Section 42?
+ Is there any difference between Managing & Designated Partner?

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FAQs Category

Activities of LLP Applicability of Limited Liability Partnership Act
Audit Compliances by LLP
Contribution by Partners Conversion into LLP
Designated Partner Identification Number Digital Signature Certificate
e-Filing Incorporation of LLP
Investigation Liability of Partner
LLP Agreement LLP Name
Merger & Winding Up Miscellaneous
Nature of Limited Liability Partnership Partners and Designated Partners
Registered Office Tax on LLP

 

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