Body corporate can become a partner in llp

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This query is : Resolved

MOHAN (Querist)

08 December 2015 my query,is whether body corporate can be a designated partner in LLP, If yes, whether it is necessary that object clause of such body corporate shall permit to become a partner in LLP.

CA CS Jainam Shah

CA CS Jainam Shah (Expert)

09 December 2015 Following can become a partner in the LLP:
a) Company incorporated in and outside India
b) LLP incorporated in & outside India
c) Individuals resident in & outside India

In case any Body Corporate is a partner, than it will be required to nominate any person (natural) as its nominee for the purpose of the LLP.

Yes it is necessary that object clause of the company shall permit the company to become partner in LLP.

MOHAN

MOHAN (Querist)

10 December 2015 Thanks sir for Reply, but sir if we look into the whole transaction it seems that company is not directly become a partner it's just made a investment In that llp. and most of the companies in india nowadays invested in LLP without altering their object clause....so it is mandatory to alter the object clause.........

CA CS Jainam Shah

CA CS Jainam Shah (Expert)

10 December 2015 Generally basic format of MOA contains clause of entering into partnership for benefit of the company.

Check you MOA once.

MOHAN

MOHAN (Querist)

10 December 2015 Ok sir, thanks for your valuable adviice

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