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Limited liability partnership

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(Querist)
28 January 2014 In the case of LLP, is perpetual succession compulsory? Further, what is the repercussions to loan to LLP from bankers point of view if it is not having perpetual succession?
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
28 January 2014 LLP is a "body corporate" formed and incorporated under LLP Act;
— legal entity separate from its partners and has perpetual succession.[Section 3(1)]
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