Llp partner give unsecured loan to llp
This query is : Open
pooja Garg
(Querist)
29 May 2017
Hie,
Please give suggestion, LLP partner can give unsecured loan to LLP or Not??? If have any rules shared with me.
Please give suggestion, LLP partner can give unsecured loan to LLP or Not??? If have any rules shared with me.
CA Mohit Kumar
(Expert)
29 May 2017
Yes, Since LLP is an legal entity and it is distant from the partners, hence it can give loan to the partners.
CA Mohit Kumar
(Expert)
29 May 2017
as well as they can take loan from partners
pooja Garg
(Querist)
29 May 2017
Thanks Sir,
Sir can you tell any rule in LLP Act for Loan ????
Sir can you tell any rule in LLP Act for Loan ????
pooja Garg
(Querist)
31 May 2017
HI Mohit,
As per Sec 185 PROHIBITED TRANSACTIONS. No Company advance any loan to any firm in which any such director or relative is a partner. So You can suggest me that, How can give Loan by Pvt company to its partner of LLP???
As per Sec 185 PROHIBITED TRANSACTIONS. No Company advance any loan to any firm in which any such director or relative is a partner. So You can suggest me that, How can give Loan by Pvt company to its partner of LLP???
CA Mohit Kumar
(Expert)
01 June 2017
section 185 is related to companies and not to LLP
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