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The LLP is a separate legal entity. It is liable to the full extent of its assets but liability of the partners is limited to their agreed contribution in the LLP. Mutual rights and duties of the partners within a LLP are governed by an agreement between the partners or between the partners and the LLP. No partner is liable on account of the independent or un-authorized actions of other partners, thus individual partners are shielded from joint liability created by another partner’s wrongful business decisions or misconduct. LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. Since LLP contains elements of both ‘a corporate structure’ as well as ‘a partnership firm structure’ LLP is called a hybrid between a company and a partnership.

Under “traditional partnership firm”, every partner is liable, jointly with all the other partners and also severally for all acts of the firm done while he is a partner. Whereas under LLP structure, liability of the partner is limited to his agreed contribution. Further, no partner is liable on account of the independent or un-authorized acts of other partners, thus allowing individual partners to be shielded from joint liability created by another partner’s wrongful acts or misconduct

No, Provision of Indian Partnership Act, 1932 are not applicable to LLPs.
A minimum of two partners will be required for formation of an LLP. There will not be any limit to the maximum number of partners. Partner can be Individual or any body Corporate.
The mutual rights and duties of partners and LLP are governed by the agreement between partners or between the LLP and the partners. This Agreement is called a “LLP Agreement”. As per provisions of the LLP Act, all the provisions/requirements of LLP Agreement will be applicable to the LLP but in the absence of agreement the mutual rights and liabilities shall be as provided for under Schedule I to the Act.
Persons, who subscribed to the “Incorporation Document” at the time of incorporation of LLP, shall be partners of LLP. Subsequent to incorporation, new partners can be admitted in the LLP as per conditions and requirements of LLP Agreement. A person may cease to be a partner in accordance with the agreement or in the absence of agreement, by giving 30 days notice to the other partners. Apart from the above, a person is cease to be partner of LLP: (a) On his death or dissolution of the limited liability partnership; or (b) On declaration for him to be of unsound mind by a competent court; or (c) If he has applied to be adjudged as an insolvent or declared as an insolvent.
Yes, a firm (set up under Indian Partnership Act, 1932) and a private company or an unlisted public company (incorporated under Companies Act) can be converted into LLPs. Provisions of clause 58 and Schedule II to Schedule IV to the Act provide procedure in this regard.
The LLP is a separate legal entity. It is liable to the full extent of its assets but liability of the partners is limited to their agreed contribution in the LLP. Mutual rights and duties of the partners within a LLP are governed by an agreement between the partners or between the partners and the LLP. No partner is liable on account of the independent or un-authorized actions of other partners, thus individual partners are shielded from joint liability created by another partner’s wrongful business decisions or misconduct. LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership. Since LLP contains elements of both ‘a corporate structure’ as well as ‘a partnership firm structure’ LLP is called a hybrid between a company and a partnership.

Under “traditional partnership firm”, every partner is liable, jointly with all the other partners and also severally for all acts of the firm done while he is a partner. Whereas under LLP structure, liability of the partner is limited to his agreed contribution. Further, no partner is liable on account of the independent or un-authorized acts of other partners, thus allowing individual partners to be shielded from joint liability created by another partner’s wrongful acts or misconduct

No, Provision of Indian Partnership Act, 1932 are not applicable to LLPs.
A minimum of two partners will be required for formation of an LLP. There will not be any limit to the maximum number of partners. Partner can be Individual or any body Corporate.
The mutual rights and duties of partners and LLP are governed by the agreement between partners or between the LLP and the partners. This Agreement is called a “LLP Agreement”. As per provisions of the LLP Act, all the provisions/requirements of LLP Agreement will be applicable to the LLP but in the absence of agreement the mutual rights and liabilities shall be as provided for under Schedule I to the Act.
Persons, who subscribed to the “Incorporation Document” at the time of incorporation of LLP, shall be partners of LLP. Subsequent to incorporation, new partners can be admitted in the LLP as per conditions and requirements of LLP Agreement. A person may cease to be a partner in accordance with the agreement or in the absence of agreement, by giving 30 days notice to the other partners. Apart from the above, a person is cease to be partner of LLP: (a) On his death or dissolution of the limited liability partnership; or (b) On declaration for him to be of unsound mind by a competent court; or (c) If he has applied to be adjudged as an insolvent or declared as an insolvent.
Yes, a firm (set up under Indian Partnership Act, 1932) and a private company or an unlisted public company (incorporated under Companies Act) can be converted into LLPs. Provisions of clause 58 and Schedule II to Schedule IV to the Act provide procedure in this regard.