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Liability of partners of llp
Hai Rishabh,
Liabillity of partners in LLP is limited to the share mentioned in LLP agreement.
it is basic concept of LLP
Hi Vinay
It means the partners would not be liable to pay the penalty amount of 14 lakhs if it exceeds the amount of capital contributed by them?
Please advise.
It varies from case to case.
if penalty arising from fraudulent acts (to defraud creditors & any other person or for any fraudulent purpose)
every person(partner) shall be punishable with 2 years imprisonment and penalty of 50,000 to 5,00,000
are the partners required to pay the penalty of 5 lakh or their liablity to pay fine would be limited to amount contributed by them as per LLP agreement??
please advise.
The liability to pay Rs 14 lacs is of LLP and not the partners. Hence, Partners are not liable to pay it from their own pockets. However, Liability will always remain on LLP. LLP will have to pay such penalties, else ROC can take necessary action on LLP.
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