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    This corrigendum provides an update to an example in Chapter 4 of the Business Laws, Foundation paper regarding Limited Liability Partnership registration. The original example of an LLP with three corporate partners is incorrect and should be ignored, as LLP registration requires at least two individual partners in addition to any corporate partners. The updated example clarifies that an LLP would need a minimum of five partners, consisting of the three corporate entities and two individual designated partners, to properly constitute an LLP under the requirements.

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    This corrigendum provides an update to an example in Chapter 4 of the Business Laws, Foundation paper regarding Limited Liability Partnership registration. The original example of an LLP with three corporate partners is incorrect and should be ignored, as LLP registration requires at least two individual partners in addition to any corporate partners. The updated example clarifies that an LLP would need a minimum of five partners, consisting of the three corporate entities and two individual designated partners, to properly constitute an LLP under the requirements.

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    © All Rights Reserved
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    9 views1 page

    Bos 58398

    Uploaded by

    vaddepallyanil goud
    This corrigendum provides an update to an example in Chapter 4 of the Business Laws, Foundation paper regarding Limited Liability Partnership registration. The original example of an LLP with three corporate partners is incorrect and should be ignored, as LLP registration requires at least two individual partners in addition to any corporate partners. The updated example clarifies that an LLP would need a minimum of five partners, consisting of the three corporate entities and two individual designated partners, to properly constitute an LLP under the requirements.

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    CORRIGENDUM

    Paper 2A: Business Laws, Foundation

    In Chapter 4: Limited Liability Partnership Act, 2008, the following Example to be ignored:

    Example 2: A LLP by the name SMY LLP has three partners namely 1. SI Limited, 2. MIS Limited,
    3. YI Private Limited. This will not be considered for registration because the requirement for
    LLP is to have 2 individual members as partners apart from the body corporates. Accordingly,
    the said SMY LLP must consist of at least five partners, namely the three body corporates and
    2 individual members to constitute the LLP and the two individuals need to be treated as
    designated partners.

    [September 2021 printed edition, on Page No. 4.5]

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