Llp composition
This query is : Resolved
13 July 2018
Is the following structure of LLP okay
Designated partner 3
Partner 0
Since the Act says:
Every limited liability partnership shall have at least two partners.
If at any time the number of partners of a limited liability partnership is reduced below two and the limited liability partnership carries on business for more than six months while the number is so reduced, the person, who is the only partner of the limited liability partnership during the time that it so carries on business after those six months and has the knowledge of the fact that it is carrying on business with him alone, shall be liable personally for the obligations of the limited liability partnership incurred during that period.
Designated partner 3
Partner 0
Since the Act says:
Every limited liability partnership shall have at least two partners.
If at any time the number of partners of a limited liability partnership is reduced below two and the limited liability partnership carries on business for more than six months while the number is so reduced, the person, who is the only partner of the limited liability partnership during the time that it so carries on business after those six months and has the knowledge of the fact that it is carrying on business with him alone, shall be liable personally for the obligations of the limited liability partnership incurred during that period.
CS Mitesh Mehta
(Expert)
17 July 2018
A minimum of two partners will be required for formation of an LLP . all can be Designated Partners.
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