Introduction to Limited Liability Partnership (LLP) Act 2008
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Which Act governs the formation and regulation of Limited Liability Partnerships in India?
The Limited Liability Partnership Act, 2008 governs the formation and regulation of LLPs in India.
Under Section 6(2) of the LLP Act 2008, after how many months does the sole remaining partner become personally liable for LLP obligations?
After six months of carrying on business alone
What is the minimum number of designated partners required in an LLP under Section 7(1) of the LLP Act 2008?
Every LLP must have at least two designated partners who are individuals.
What capabilities does an LLP acquire upon registration under Section 14 of the LLP Act 2008?
Right to sue, hold property, and have a common seal
Under Section 7(1) of the LLP Act 2008, how many designated partners of an LLP must be resident in India?
At least one designated partner must be a resident in India.
In Bank of Beirut SAL vs HRH Prince Adel EL-Hashemite 2016, what was held regarding an LLP certificate obtained by fraud?
Certificate remains genuine; LLP liable for post-registration acts
How is 'resident in India' defined for the purpose of designated partners under the LLP Act 2008?
A person is considered a resident in India if they have stayed in India for not less than 182 days during the immediately preceding one year.
Under Section 13(4) of the LLP Act 2008, what is the daily penalty for failing to maintain a registered office?
₹500 per day each for LLP and every partner
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