Sulagna, Sukanya & Associates LLP was formed on 1st November, 2024 to be engaged in the business of manufacturing affordable range of…

(i) As per section 2 (1) (I) of the LLP Act, 2008, “Financial year”, in relation to a LLP, means the period ending on the 31st day of March every year; Provided that in the case of a limited liability partnership incorporated on or after the 1st day of October of a year, the financial year may end on the 31st day of March of the following year. In terms of the above provision, advice of Sulagna for maintaining the accounts on January to December basis is not valid. (ii) Section 5 of the Limited Liability Partnership Act, 2008 provides that any individual or body corporate can be a partner in LLP. However, it has been clarified vide MCA General Circular No. 13/2013 dated 29th July, 2013 read with MCA General Circular No. 2/16 dated 15th January, 2016 that a HUF cannot be treated as a body corporate for the purposes of LLP Act, 2008. Therefore, a HUF or its Karta cannot become a partner or designated partner in LLP. Hence, Dilip cannot be inducted as a partner to the LLP. (iii) The answer would be the same as a trust is not a body corporate in India. A trust is a legal arrangement for managing property for the benefit of another person, called the beneficiary. The person who manages the property is called the trustee. Hence, in that case too such Charitable Trust could not be inducted as a partner to the LLP.