Regarding llp
ankamma rao (Manager Accounts) (78 Points)
22 March 2017ankamma rao (Manager Accounts) (78 Points)
22 March 2017
CA MANISH BINDAL
(CHARTERED ACCOUNTANT )
(535 Points)
Replied 22 March 2017
LLP can take unsecured loan from outsiders without any limit. But it should not be interest free loan.
ankamma rao
(Manager Accounts)
(78 Points)
Replied 22 March 2017
plz provide the section number or any other reference
CA MANISH BINDAL
(CHARTERED ACCOUNTANT )
(535 Points)
Replied 22 March 2017
There is not such specific section or provision in Limited Liability Partnership Act 2008. But the act also does not contain any provision which states restriction on accepting unsecured loan from outsiders or from partners. LLP is a corporate version of Partnership Firm and all provisions of partnership firms are applicable on LLP unless and until Limited Liability Partnership Act 2008 states any specific provision. But such loan should not be interest free loan.
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