Bare Act Search Results

Limited Liability Partnership Act 2008 Complete Act

Title: Limited Liability Partnership Act 2008

State: Central

Year: 2008

.....- Definitions Chapter II Section3 - Limited Liability Partnership to be body corporate Section4 - Non-applicability of the Indian Partnership Act, 1932 Section5 - Partners Section6 - Minimum number of Partners Section7 - Designated Partners Section8 - Liabilities of designated partners Section9 - Changes in designated partners Section10 - Punishment for contravention of sections 7, 8 and 9 Chapter III Section11 - Incorporation document Section12 - Incorporation by registration Section13 - Registered office of limited liability partnership and change therein Section14 - Effect of registration Section15 - Name Section16 - Reservation of name Section17 - Charge of name of limited liability partnership Section18 - Application for direction to change name in certain circumstances Section19 - Change of registered name Section20 - Penalty for improper use of words limited liability partnership or LLP Section21 - Publication of name and limited liability Chapter IV Section22 - Eligibility to be partners Section23 - Relationship of partners Section24 - Cessation of partnership interest Section25 - Registration of changes in partners Chapter V Section26 -.....

Indian Partnership Act, 1932 Complete Act

Title: Indian Parternership Act, 1932

State: Central

Year: 1932

.....in an emergency Section22 - Mode of doing act to bind firm Section23 - Effect of admissions by a partner Section24 - Effect of notice to acting partner Section25 - Liability of a partner for acts of the firm Section26 - Liability of the firm for wrongful acts of a partner Section27 - Liability of firm for misapplication by partners Section28 - Holding out Section29 - Rights of transferee or a partners interest Section30 - Minors admitted to the benefits of partnership Chapter V Section31 - Introduction of a partner Section32 - Retirement of a partner Section33 - Expulsion of a partner Section34 - Insolvency of a partner Section35 - Liability of estate of deceased partner Section36 - Rights of outgoing partner to carry on competing business Section37 - Right of outgoing partner in certain cases to share subsequent profits Section38 - Revocation of continuing guarantee by change in firm Chapter VI Section39 - Dissolution of a firm Section40 - Dissolution by agreement Section41 - Compulsory dissolution Section42 - Dissolution on the happening of certain contingencies Section43 - Dissolution by notice of partnership at will Section44 - Dissolution by.....

Delhi Cooperative Societies Act, 1972 Complete Act

State: Delhi

Year: 1972

.....as member of a co-operative society except the following, namely : (a) an individual competent to contract under Section 11 of the Indian Contract Act, 1972 (b) any other co-operative society (c) the Central Government; and (d) such class or classes of persons or association of persons as may be notified by the Lieutenant-Governor in his behalf : Provided that the provisions of clause (a) shall not apply to an individual seeking admission to a society exclusively formed for the benefit of students of a school or college (2) Notwithstanding anything contained in sub-section (1), the Lieutenant- Governor may, having regard to the fact that the interest of any person or class of persons conflicts or is likely to conflict with the objects of any society or class of societies, by general or special order, published in the Delhi Gazette, declare that any person or class of persons engaged in or carrying on any profession, business or employment shall be disqualified from being admitted, or for continuing as members or shall be eligible for membership only to a limited extent of any specified society or class of societies, so long as such person is or such persons are.....

Limited 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.....

Limited 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).....

Limited 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.....

Limited 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).....

Limited Liability Partnership Act 2008 Section 62

Title: Provisions for Facilitation Reconstruction or Amalgamation of Limitedliability Partnerships

State: Central

Year: 2008

.....limited liability partnership have not been conducted in a manner prejudicial to the interests of its partners or to public interest. (2) Where an order under this section provides for the transfer of any property or liabilities, then, by virtue of the order, that property shall be transferred to and vest in, and those liabilities shall be transferred to and become the liabilities of, the transferee limited liability partnership; and in the case of any property, if the order so directs, freed from any charge which is, by virtue of the compromise or arrangement, to cease to have effect. (3) Within thirty days after the making of an order under this section, every limited liability partnership in relation to which the order is made shall cause a certified copy thereof to be filed with the Registrar for registration. (4) If default is made in complying with the provisions of sub-section (3), the limited liability partnership, every designated partner of the limited liability partnership shall be punishable with fine which may extend to fifty thousand rupees. Explanation.-- In this section "property" includes property, rights and powers of every description; and "liabilities".....

Limited Liability Partnership Act 2008 Section 24

Title: Cessation of Partnership Interest

State: Central

Year: 2008

..... (5) Where a partner of a limited liability partnership ceases to be a partner, unless otherwise provided in the limited liability partnership agreement, the former partner or a person entitled to his share in consequence of the death or insolvency of the former partner, shall be entitled to receive from the limited liability partnership -- (a) an amount equal to the capital contribution of the former partner actually made to the limited liability partnership; and (b) his right to share in the accumulated profits of the limited liability partnership, after the deduction of accumulated losses of the limited liability partnership, determined as at the date the former partner ceased to be a partner. (6) A former partner or a person entitled to his share in consequence of the death or insolvency of the former partner shall not have any right to interfere in the management of the limited liability partnership.

Limited Liability Partnership Act 2008 Section 60

Title: Compromise or Arrangement of Limited Liability Partnership

State: Central

Year: 2008

.....the limited liability partnership or 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.