Llp partner give unsecured loan to llp

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pooja Garg (Querist)
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29 May 2017 Hie,

Please give suggestion, LLP partner can give unsecured loan to LLP or Not??? If have any rules shared with me.

CA Mohit Kumar

CA Mohit Kumar (Expert)
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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

CA Mohit Kumar (Expert)
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29 May 2017 as well as they can take loan from partners

pooja Garg

pooja Garg (Querist)
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29 May 2017 Thanks Sir,

Sir can you tell any rule in LLP Act for Loan ????

pooja Garg

pooja Garg (Querist)
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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???

CA Mohit Kumar

CA Mohit Kumar (Expert)
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01 June 2017 section 185 is related to companies and not to LLP

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