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Start Free TrialLimited Liability Partnership Act 2008 Chapter IV
Title: Partners and their Relations
State: Central
Year: 2008
.....signed by him and authenticated in the manner as may be prescribed. (4) If the limited liability partnership contravenes the provisions of sub-section (2), the limited liability partnership and every designated partner of the limited liability partnership shall be punishable with fine which shall not be less than two thousand rupees but which may extend to twenty-five thousand rupees. (5) If any partner contravenes the provisions of sub-section (1), such partner shall be punishable with fine which shall not be less than two thousand rupees but which may extend to twenty-five thousand rupees. (6) Any person who ceases to be a partner of a limited liability partnership may himself file with the Registrar the notice referred to in sub-section (3) if he has reasonable cause to believe that the limited liability partnership may not file the notice with the Registrar and in case of any such notice filed by a partner, the Registrar shall obtain a confirmation to this effect from the limited liability partnership unless the limited liability partnership has also filed such notice: Provided that where no confirmation is given by the limited liability partnership within fifteen.....
View Complete Act List Judgments citing this sectionLimited Liability Partnership Act 2008 Chapter II
Title: Nature of Limited Liability Partnership
State: Central
Year: 2008
.....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. Section 7 - Designated Partners (1) Every limited liability partnership shall have at least two designated partners who are individuals and at least one of them shall be a resident in India: Provided that in case of a limited liability partnership in which all the partners are bodies corporate or in which one or more partners are individuals and bodies corporate, at least two individuals who are partners of such limited liability partnership or nominees of such bodies corporate shall act as designated partners. Explanation.-- For the purposes of this section, the term "resident in India" means a person who has stayed in India for a period of not less than one hundred and eighty-two days during the immediately preceding one year. (2) Subject to the provisions of sub-section (1),-- (i) if the incorporation document-- (a) specifies who are to be designated.....
View Complete Act List Judgments citing this sectionLimited Liability Partnership Act 2008 Chapter V
Title: Extent and Limitation of Liability of Limited Liability Partnership Andpartners
State: Central
Year: 2008
.....partnership (1) A limited liability partnership is not bound by anything done by a partner in dealing with a person if-- (a) the partner in fact has no authority to act for the limited liability partnership in doing a particular act; and (b) the person knows that he has no authority or does not know or believe him to be a partner of the limited liability partnership. (2) The limited liability partnership is liable if a partner of a limited liability partnership is liable to any person as a result of a wrongful act or omission on his part in the course of the business of the limited liability partnership or with its authority. (3) An obligation of the limited liability partnership whether arising in contract or otherwise, shall be solely the obligation of the limited liability partnership. (4) The liabilities of the limited liability partnership shall be met out of the property of the limited liability partnership. Section 28 - Extent of liability of partner (1) A partner is not personally liable, directly or indirectly for an obligation referred to in sub-section (3) of section 27 solely by reason of being a partner of the limited liability partnership. (2).....
View Complete Act List Judgments citing this sectionLimited Liability Partnership Act 2008 Section 7
Title: Designated Partners
State: Central
Year: 2008
.....in such form and manner as may be prescribed. (4) Every limited liability partnership shall file with the registrar the particulars of every individual who has given his consent to act as designated partner in such form and manner as may be prescribed within thirty days of his appointment. (5) An individual eligible to be a designated partner shall satisfy such conditions and requirements as may be prescribed. (6) Every designated partner of a limited liability partnership shall obtain a Designated Partner Identification Number (DPIN) from the Central Government and the provisions of sections 266A to 266G (both inclusive) of the Companies Act, 1956(1 of 1956) shall apply mutatis mutandis for the said purpose.
View Complete Act List Judgments citing this sectionLimited Liability Partnership Act 2008 Complete Act
Title: Limited Liability Partnership Act 2008
State: Central
Year: 2008
.....Circumstances in which limited liability partnership may be wound up by Tribunal Section65 - Rules for winging up and dissolution Chapter XIV Section66 - Business transactions of partner with limited liability partnership Section67 - Application of the provisions of the Companies Act Section68 - Electronic filing of document Section69 - Payment of additional fee Section70 - Enhanced punishment Section71 - Application of other laws not barred Section72 - Jurisdiction of Tribunal and Appellate Tribunal Section73 - Penalty on non-compliance of any order passed by Tribunal Section74 - General penalties Section75 - Power of Registrar to strike defunct limited liability partnership off register Section76 - Offences to limited liability partnerships Section77 - Jurisdiction of Court Section78 - Power to make rules Section79 - Power to make rules Section80 - Power to remove difficulties Section81 - Transitional provisions ScheduleI - FIRST SCHEDULE ScheduleII - SECOND SCHEDULE ScheduleIII - THIRD SCHEDULE ScheduleIV - FOURTH SCHEDULE
List Judgments citing this sectionLimited Liability Partnership Act 2008 Section 25
Title: Registration of Changes in Partners
State: Central
Year: 2008
.....signed by him and authenticated in the manner as may be prescribed. (4) If the limited liability partnership contravenes the provisions of sub-section (2), the limited liability partnership and every designated partner of the limited liability partnership shall be punishable with fine which shall not be less than two thousand rupees but which may extend to twenty-five thousand rupees. (5) If any partner contravenes the provisions of sub-section (1), such partner shall be punishable with fine which shall not be less than two thousand rupees but which may extend to twenty-five thousand rupees. (6) Any person who ceases to be a partner of a limited liability partnership may himself file with the Registrar the notice referred to in sub-section (3) if he has reasonable cause to believe that the limited liability partnership may not file the notice with the Registrar and in case of any such notice filed by a partner, the Registrar shall obtain a confirmation to this effect from the limited liability partnership unless the limited liability partnership has also filed such notice: Provided that where no confirmation is given by the limited liability partnership within fifteen.....
View Complete Act List Judgments citing this sectionLimited Liability Partnership Act 2008 Chapter XII
Title: Compromise, Arrangement or Reconstruction of Limited Liability Partnerships
State: Central
Year: 2008
.....any other person by whom an application has been made under sub-section (1) has disclosed to the Tribunal, by affidavit or otherwise, all material facts relating to the limited liability partnership, including the latest financial position of the limited liability partnership and the pendency of any investigation proceedings in relation to the limited liability partnership. (3) An order made by the Tribunal under sub-section (2) shall be filed by the limited liability partnership with the Registrar within thirty days after making such an order and shall have effect only after it is so filed. (4) If default is made in complying with sub-section (3), the limited liability partnership, and every designated partner of the limited liability partnership shall be punishable with fine which may extend to one lakh rupees. (5) The Tribunal may, at any time after an application has been made to it under this section, stay the commencement or continuation of any suit or proceeding against the limited liability partnership on such terms as the Tribunal thinks fit, until the application is finally disposed of. Section 61 - Power of Tribunal to enforce compromise or arrangement (1).....
View Complete Act List Judgments citing this sectionLimited Liability Partnership Act 2008 Chapter III
Title: Incorporation of Limited Liability Partnership and Matters Incidental Thereto
State: Central
Year: 2008
.....which may extend to five lakh rupees. Section 12 - Incorporation by registration (1) When the requirements imposed by clauses (b) and (c) of sub-section (1) of section 11 have been complied with, the Registrar shall retain the incorporation document and, unless the requirement imposed by clause (a) of that sub-section has not been complied with, he shall, within a period of fourteen days-- (a) register the incorporation document; and (b) give a certificate that the limited liability partnership is incorporated by the name specified therein. (2) The Registrar may accept the statement delivered under clause (c) of sub-section (1) of section 11 as sufficient evidence that the requirement imposed by clause (a) of that sub-section has been complied with. (3) The certificate issued under clause (b) of sub-section (1) shall be signed by the Registrar and authenticated by his official seal. (4) The certificate shall be conclusive evidence that the limited liability partnership is incorporated by the name specified therein. Section 13 - Registered office of limited liability partnership and change therein (1) Every limited liability partnership shall have a registered.....
View Complete Act List Judgments citing this sectionLimited Liability Partnership Act 2008 Section 76
Title: Offences to Limited Liability Partnerships
State: Central
Year: 2008
Where an offence under this Act committed by a limited liability partnership is proved -- (a) to have been committed with the consent or connivance of a partner or partners or designated partner or designated partners of the limited liability partnership; or (b) to be attributable to any neglect on the part of the partner or partners or designated partner or designated partners of that limited liability partnership, the partner or partners or designated partner or designated partners of the limited liability partnership, as the case may be, as well as that limited liability partnership shall be guilty of the offence and shall be liable to be proceeded against and punished accordingly.
View Complete Act List Judgments citing this sectionLimited Liability Partnership Act 2008 Section 23
Title: Relationship of Partners
State: Central
Year: 2008
(1) Save as otherwise provided by this Act, the mutual rights and duties of the partners of a limited liability partnership, and the mutual rights and duties of a limited liability partnership and its partners, shall be governed by the limited liability partnership agreement between the partners, or between the limited liability partnership and its partners. (2) The limited liability partnership agreement and any changes, if any, made therein shall be filed with the Registrar in such form, manner and accompanied by such fees as may be prescribed. (3) An agreement in writing made before the incorporation of a limited liability partnership between the persons who subscribe their names to the incorporation document may impose obligations on the limited liability partnership, provided such agreement is ratified by all the partners after the incorporation of the limited liability partnership. (4) In the absence of agreement as to any matter, the mutual rights and duties of the partners and the mutual rights and duties of the limited liability partnership and the partners shall be determined by the provisions relating to that matter as are set- out in the First Schedule.
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