DETAILS OF LLP REGISTRATION
Initially, Rajyasabha introduced LLP Bill(Limited liability Partnership Bill) 2006 on December 15th, 2006 which includes all details and was referred to the Parliamentary Standing Committee on Finance. A limited liability company shall have perpetual succession, there are certain instructions which includes all the details. Changes in the partners of a limited liability partnership with its details shall not affect the rights, or liabilities of the limited liabilities partnership. The Limited liability partnership bill was passed by Rajya Sabha on 24th October 2008 followed by its details and by the Loksabha on December 12, 2008.
LIMITED LIABILITY PARTNERSHIP -FOREIGN.
- It is incorporated, formed or registered outside India.
- It established a place of business within India.
LIMITED LIABILITY PARTNERSHIP AGREEMENT
Section 2(1) of the Act defines the term “Partner” related with LLP and its details. Any person who becomes a partner in the LLP in accordance with the LLP Agreement followed by its details. Limited Liability Partnership Agreement’’ as Partnership formed, and registered under the LLP Act 2008 followed by its complete details. Through LLP agreement we can become a partner following ht complete details and information. Normally the LLP Act provides LLP incorporation without LLP agreement requirement. The LLP agreement can be filed within 30 days of the LLP incorporation.
Further, the particulars of the persons who are LLP partners on given incorporation. This means that persons named in the incorporation document as partners would be considered as partners regardless of being an LLP Agreement.
PRESCRIBED:
Under the LLP Act, the prescribed term is used means prescribed by rules which includes complete details which define Section 2(1)(r) of the Act.
Registrar
According to the Section 2(1)(s) Act, “Registrar” means a Registrar or an Additional, Deputy, a Joint or an Assistant Registrar, and their main duty is registering companies under the Companies Act, 1956.
SCHEDULE
According to the section 2(1)(t) of the act “Schedule means an LLP Act schedule.
Tribunal
Tribunal means constituted the National Company Law Tribunal under sub-section (1) of Section 10 FB of the Companies Act 1956.
SECTION 2(2)
According to the section 2(2) of the Act the expressions and words used and not defined in the LLP Act but which are defined in the Companies Act, 1956 shall have the meanings respectively assigned to them in the Companies Act 1956.
A COMPANY CAN BECOME A PARTNER IN A LLP
The term “body corporate “ defined under section2(1)(d) of the LLP Act
- A company is defined in the Companies Act of Section 3.
- A company incorporated outside India
LLP can BECOME PARTNER IN ANOTHER LLP
- Under the LLP Act, an LLP is registered,
- Outside India, an LLP is incorporated.
The eligibility to become India LLP partner is“Body corporate, under the LLP Act an LLP is registered or abroad an incorporated LLP can become India’s LLP partner.
Outside India an LLP is incorporated technically, should not be construed as the “ Foreign LLP” which is a separate term. Section2(1)(m) of the LLP Act defines the term “Foreign Limited Liability Partnership” to mean an LLP incorporated, formed or outside India registered and which establishes the business place within India.
According to Section 5, to summarize, the following can become LLP partners
a, an Individual;
b, A company defined in the Companies Act of the Section
c, Under the LLP act, an LLP is registered.
PARTNERS:
- All limited liability partnership must have at least two members.
- Limited liability partnership the number of partners at any time is reduced between two and after six months the limited liability partnership carries on business and the knowledge of the fact that is carried on the business alone shall be liable personally for the limited liability partnership agreement incurred during that period.
Section 6(1) of the LLP act provides that every LLP shall have two partners minimum.
Section 6(2) of the LLP act provides that the number of partners of LLP at any time is reduced below two and more than six months the LLP business is carried out which the number is so reduced, the person who is LLPs only partner during the time carries business after six months and has the known fact that it is carrying on business with him alone, shall be personally liable for the LLP obligations incurred during that period.
I, The number of partners of an LLP falls between two.
ii, LLP has one partner has the knowledge of the fact that the business is carried out on the LLP followed by all the details and information only with him.
iii, The business which LLP carries for more than six months with the only partner.
Under the LLP Act, six month time has been provided to increase the partners’ numbers. Minimum two.
The LLP act Section 64(b) provides that if for more than six months period, the LLP partners number is decreased below two, then an LLP may be wounded by the tribunal.
The provisions contained in Section 45 of the Companies Act, the parallel could be drawn which makes members liable severely for debts where business is carried on lesser than sever members or two members in case of private company.
Partners designated:
Each and every LLP shall have the minimum of two designated individual part least at least one of them shall be India resident.
Provided that in LLP case in which all the partners are bodies corporate or which one or more partners are individuals who are LLP partners or such bodies nominees corporate shall act as
Partners designated.
Subjects to the provisions of sub-section.
I, If the incorporated document
a, specifies designated partners such person shall be designated partners on incorporation.
b, states that each of the partners of an LLP from LLP time-to-time is to be designated partner, every partner shall be a designated partner.
ii, any partner can become a designated partner and in accordance with LLP agreement followed by its details and a partner may follow to be a designated partner in accordance with the LLP agreement.
iii, an individual shall not become a designated partner in any LLP unless he has given his consent prior to act as such to the LLP in such form and manner may be prescribed.
With the registrar, every LLP shall file the particulars of every individual who has given his consent to act as a designated partner in such form and within thirty days of his appointment manner may be prescribed.
Iv, An individual eligible to be a designated partner shall satisfy such requirements and conditions as may be prescribed.
v, Every designated LLP partner shall obtain a Designated Partner Identification Number(DPIN) from the provisions of Sections 266A to 266G and from the central government of the Companies Act 1956.
Designated Partners minimum numbers( Level 1)
The LLP Act Section 7(1) provides that every LLP shall have minimum two designated individual partners and at least one of them shall be resident in India.
ANALYSIS OF SECTION 7
Minimum number of designated partners(Level 1)
The LLP act section 7(1) provides that every LLP shall have the minimum of two individual designated partners who are individuals and the minimum one of them will be India resident.
However section 7(1) requirements in case of an LLP in which all partners are bodies corporate or which one or more partners are individuals and bodies corporate or minimum two individuals who are LLP partners or nominees of such bodies corporate shall act as designated partners.
The document incorporation where designated partners named.
The incorporation document specifies names who are to be designated partners such persons shall be designated partners on incorporation.
The incorporation documents state that each of the partners of an LLP is a designated partner from time-to-time, all the partner can be a designated partner.
Initially, Rajyasabha introduced LLP Bill(Limited liability Partnership Bill) 2006 on December 15th, 2006 and was referred to the Parliamentary Standing Committee on Finance. A limited liability Perpetual succession which limited company possesses..If there are any changes in the limited liability partnerships that should not affect the liabilities of the limited liabilities partnership. The Limited liability partnership bill was passed by Rajya Sabha on 24th October 2008 and by the Loksabha on December 12, 2008.
FOREIGN LIMITED LIABILITY PARTNERSHIP
- It established a place of business within India.
- It is formed, incorporated or registered outside India.
LIMITED LIABILITY PARTNERSHIP AGREEMENT
Section 2(1) of the Act defines the term “Partner” related with LLP. Any person who becomes a partner in the LLP in accordance with the LLP Agreement. Limited Liability Partnership Agreement’’ as Partnership formed, and registered under the LLP Act 2008. Through LLP agreement we can become a partner. Normally the LLP Act provides LLP incorporation without LLP agreement requirement. The LLP agreement can be filed within 30 days of the LLP incorporation.
Further, the particulars of the persons who are LLP partners on given incorporation. This means that persons named in the incorporation document as partners would be considered as partners regardless of being an LLP Agreement.
PRESCRIBED:
Under the LLP Act, the prescribed term is used means prescribed by rules which define Section 2(1)(r) of the Act.
REGISTRAR
According to the Section 2(1)(s) Act, “Registrar” means a Registrar or an Additional, Deputy, a Joint or an Assistant Registrar, and their main duty is registering companies under the Companies Act, 1956.
SCHEDULE
According to the section 2(1)(t) of the act “Schedule means aanLLP Act schedule.
TRIBUNAL
Tribunal means constituted the National Company Law Tribunal under sub-section (1) of Section 10 FB of the Companies Act 1956.
SECTION 2(2)
According to the section 2(2) of the Act the expressions and words used and not defined in the LLP Act but which are defined in the Companies Act, 1956 shall have the meanings respectively assigned to them in the Companies Act 1956.
A COMPANY CAN BECOME A PARTNER IN A LLP
The term “body corporate “ defined under section2(1)(d) of the LLP Act
- A company is defined in the Companies Act of Section 3.
- A company incorporated outside India.
LLP CAN BECOME PARTNER IN ANOTHER LLP
- Under the LLP Act, an LLP is registered,
- Outside India, an LLP is incorporated.
“Body corporate “ is eligible to become LLP partner in India, an LLP registered under the LLP Act or outside India an LLP incorporated can become LLP partner in India.
Outside India an LLP is incorporated technically, should not be construed as the “ Foreign LLP” which is a separate term. Section2(1)(m) of the LLP Act defines the term “Foreign Limited Liability Partnership” to mean an LLP incorporated, formed or outside India registered and which establishes the business place within India.
According to Section 5, to summarize, the following can become LLP partners
a, an Individual;
b, A company defined in the Companies Act of the Section
c, Under the LLP act, an LLP is registered.
PARTNERS:
- All limited liability partnership must have at least two members.
- Limited liability partnership the number of partners at any time is reduced between two and after six months the limited liability partnership carries on business and the knowledge of the fact that is carried on the business alone shall be liable personally for the limited liability partnership agreement incurred during that period.
Section 6(1) of the LLP act provides that every LLP shall have two partners minimum.
Section 6(2) of the LLP act provides that the number of partners of LLP at any time is reduced below two and more than six months the LLP business is carried out which the number is so reduced, the person who is LLPs only partner during the time carries business after six months and has the known fact that it is carrying on business with him alone, shall be personally liable for the LLP obligations incurred during that period.
iI The number of partners of an LLP falls between two.
ii, LLP has one partner has the knowledge of the fact that the business with its details is carried out on the LLP only with him.
iii, The business which includes all details which LLP carries for more than six months with the only partner.
Under the LLP Act, six month time has been provided to increase the partners’ numbers. Minimum two.
The LLP act Section 64(b) provides that if for more than six months period, the LLP partners number is decreased below two, then an LLP may be wounded by the tribunal.
The provisions contained in Section 45 of the Companies Act, the parallel could be drawn which makes members liable severely for debts where business is carried on lesser than sever members or two members in case of private company.
PARTNERS DESIGNATED:
Each and Every LLP shall have minimum two designated individual partners and at least one of them shall be India resident.
Provided that in LLP case in which all the partners are bodies corporate or which one or more partners are individuals who are LLP partners or such bodies nominees corporate shall act as
Partners designated.
Subjects to the provisions of sub-section.
I, If the incorporated document
a, specifies details of designated partners such person shall be designated partners on incorporation.
b, states that each of the partners of an LLP from LLP time-to-time is to be designated partner, every partner shall be a designated partner.
ii, any partner can become a designated partner and in accordance with the LLP agreement and a partner may follow to be a designated partner in accordance with the LLP agreement.
iii, an individual shall not become a designated partner in any LLP unless he has given his consent prior to acting as such to the LLP with its details in such form and manner may be prescribed.
With the registrar every LLP shall file the particulars of every individual followed by its details who has given his consent to act as a designated partner in such form and within thirty days of his appointment manner may be prescribed.
Iv, an individual eligible to be a designated partner shall satisfy such requirements and conditions as may be prescribed.
v, Every designated LLP partner shall obtain a Designated Partner Identification Number(DPIN) from the provisions of Sections 266A to 266G and from the central government of the Companies Act 1956.
Designated Partners minimum numbers( Level 1)
The LLP Act Section 7(1) provides that every LLP shall have minimum two designated individual partners and at least one of them shall be resident in India.
ANALYSIS OF SECTION 7
Minimum number of designated partners(Level 1)
The LLP act section 7(1) provides that every LLP shall have the minimum of two individual designated partners who are individuals and the minimum one of them will be India resident.
However section 7(1) requirements in case of an LLP in which all partners are bodies corporate or which one or more partners are individuals and bodies corporate or minimum two individuals who are LLP partners or nominees of such bodies corporate shall act as designated partners.
The document incorporation where designated partners named.
The incorporation document specifies names who are to be designated partners such persons shall be designated partners on incorporation.
The incorporation documents state that each of the partners of an LLP from time-to-time is to be designated partner, every partner shall be a designated partner.
