What do you mean by Designated Partner? Whether it is mandatory to appoint Designated partner in a LLP?
CA Foundation · Business Laws · MTP · September 2024
What do you mean by Designated Partner? Whether it is mandatory to appoint Designated partner in a LLP?
Suggested Answer and Working Notes:
Designated Partner [Section 2 (1) (j) of the LLP Act,2008]: “Designated partner” means any partner designated as such pursuant to section 7. According to section 7 of the LLP Act,2008: (i) Every LLP shall have at least two designated partners who are individuals and at least one of them shall be a resident in India. (ii) If in LLP, 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 LLP or nominees of such bodies corporate shall act as designated partners. (iii) Resident in India: 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 than120 days during the financial year.
Topics: The Limited Liability Partnership Act, 2008
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