Maximum no. of partners-llp
This query is : Resolved
29 December 2013
The MCA site says that there is no upper limit on the number of partners of an LLP.
Section 11 of the companies Act,reads "No company, association or partnership consisting of more than ten/twenty persons shall be formed for the purpose of carrying on any other business that has for its object the acquisition of gain by the company, association or partnership, or by the individual members thereof, unless it is registered as a company"
Is this a contradiction or there is any specific exemption in the law for LLP?
Section 11 of the companies Act,reads "No company, association or partnership consisting of more than ten/twenty persons shall be formed for the purpose of carrying on any other business that has for its object the acquisition of gain by the company, association or partnership, or by the individual members thereof, unless it is registered as a company"
Is this a contradiction or there is any specific exemption in the law for LLP?
29 December 2013
LLP is not covered in this section friend. It is neither a company, nor an association nor a partnership.
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30 December 2013
correctly said its not a co nor a partnership firm as per partnership act and it is covered only by LLP Act.
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