Professional Documents
Culture Documents
Business Law
Business Law
Business Law
PRESENTATION
BY :-- VIKAS GOYAL 16/584
NAMAN GUPTA 16/643
RISHABH SHARMA 16/805
TARUN KAPOOR 16/622
SHREY KUMAR GUPTA 16/583
PARTNERS AND
THEIR
RELATIONS
IN LLP
WHAT WE ARE GOING TO
COVER ?
INTRODUCTION
DEFINITION OF PARTNER
ELIGIBILITY TO BE A PARTNER
DESIGNATED PARTNERS
PARTNERS AND THEIR RELATION
CESSATION OF PARTNERS
EXTENT & LIMITATION OF LIABILITY
OF LLP & PARTNERS
WHAT IS WHISTLE BLOWING ?
CONTRIBUTION
SECTIONS COVERED
AND REFERRED
22 25
05 26
06 27
06 (2) 28
07 29
08 30
09 31
23 32
24 33
I M P O R TA N T Q U E S T I O N S
a) Any individual, or
b)Co-operative society
a)2 individuals, or
b)One individual and a body corporate, or
c) Both the partners may be body corporate
REDUCTION OF NO. OF
PARTNERS BELOW 2
– SECTION 6 (2)
If at any time, the no. of partners is reduced below 2, there
shall be personal liability of the sole partner, if all the
following conditions are present..
a) On his death. Or
b) On dissolution of LLP, or
c) If he is declared to be a person of unsound mind by a
competent court, or
d) If he has applied to be adjudged as an insolvent, or
e) If he is declared as an insolvent
OBLIGATIONS OF A
FORMER PARTNER
Where any person has ceased to be a partner of a
LLP, he is under no obligation from the date of his
cessation. However, the former partner is still
regarded as a continuing partner in relation to any
person dealing with the LLP as still being a partner
unless :
a) The third person has a notice that former partner
has ceased to be so, or
b)A notice of ceasing to be a partner has been
delivered to the ROC
In the absence of (a) and (b) above the cessation does not
itself discharge him from any obligation to the LLP or to
the other partners or to any other third person while he
was a partner. He can be discharged in such a situation
only when
●
Within 30 days from the date he ceases to be a partner
●
Within 30 days of such change
PENALTY FOR DEFAULT:
conducted
death the LLP liable if any
proceedings in shall not make
partner has acted
fraudulent manner his legal
then they are liable to in fraudulent
representative or
compensate the his estate liable
manner without
person who has
for any of acts the knowledge
suffered any loss or
damage. done by the LLP. of LLP.
7.) LIABILITY IN CASE OF HOLDING
OUT [SEC 29]
MEANIN Any person who by words , action
●
>FORM OF CONTRIBUTION.
ACC. TO SEC 32(1) OF THE ACT, A CONTRIBUTION OF A PARTNER TO
THE CAPITAL OF LLP MAY CONSIST ANY OF THE FOLLOWING:
> TANGIBLE PROPERTY
> INTANGIBLE PROPERTY
> MONEY/PROMISSORY NOTES
> CONTRACTS OF SERVICES PERFORMED OR TO BE PERFORMED.