09 June 2015
As per Sec 5 of the LLP Act 2008 any individual or BODY CORPORATE can became a partner in LLP. Body corporate includes Sec 8 companies under companies act 2013.
Also refer General Circular No. 37/ 2014 dated October 14, 2014 recently issued by Ministry of Corporate Affairs (MCA) clarifying trust can be a partner in LLP.
10 June 2015
The General Circular refers to only those Trust & Section 8 Companies representing Real Estates or Infrasructure or any other trust as prescribed by SEBI under SEBi regulations, however i want to know this that is there any other Circular or Clarification by Statutory Authorities regarding the meaning of Body Corporate?? As I Called in MCA Help Line one of the Individual Said in His/Her opinion it shouldn't be done as Sec 8 Companies are non Profit Seeking organisation shall not be a partner in an such organisation which has Profit making Interest.
Please CLarify me as this is very much confusing me.
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