HUF or its karta can not become designated partner in LLP
PrintListen to this Article
HUF or its karta can not become designated partner in LLP
SECTION 5 OF THE LIMITED LIABILITY PARTNERSHIP ACT, 2008 - PARTNERS - WHETHER HINDU UNDIVIDED FAMILY (HUF)/ITS KARTA CAN BECOME PARTNER/DESIGNATED PARTNER (DP) IN LIMITED LIABILITY PARTNERSHIP (LLP) (GENERAL CIRCULAR NO. 13/2013 [F.NO. 1/13/2012-CL-V], DATED 29-7-2013)
It has come to the notice of the Ministry that some Hindu Undivided Families (HUFs)/Kartas of such families are applying to become partner/ Designated partner (DP) in LLPs and a question has arisen whether a 'HUF' or a karta can be allowed to do so. The matter has been examined in consultation with Ministry of Law.
As per section 5 of LLP Act, 2008 only an individual or body corporate may be a partner in a Limited Liability Partnership. A HUF cannot be treated as a body corporate for the purposes of LLP Act, 2008. Therefore, a HUF or its karta can not become designated partner in LLP.
Category : Students Zone | Comments : 0 | Hits : 552
NMC Notifies Medical Education reform 2020 The National Medical Commission (NMC), with an of aim affordable medical education has notified its first major regulation titled as 'Minimum Requirements for Annual MBBS Admissions Regulations 2020 to replace the Minimum Standard Requirements for Medical Colleges, 1999 of the erstwhile Medical Council of India (MCI). Applicability: applicable to all new medical colleges proposing to be established, and to the established medical col...
First let us tell you few facts about exams CA CS CMA examinations before moving on to the tips regarding its planning and preparation. ICAI established in the year 1949, has around 2.10 lakh members at present. More than one lakh students join the Chartered Accountancy course every year. ICSI established in the year 1980, has around 62,000 members at present and around 3.5 Lakhs students on the roll of ICSI. ICMA established in the year 1959, has around 70,000 member...
The most feared step in every student’s learning process is the exam. The two terms: ‘exams’ and ‘stress’ go hand in hand. When it comes to the preparation of national level examinations like CA, CS and CMA, students have a great challenge ahead of them because of various factors such as difficulty of the examination, competition, extremely less passing percentage, etc. Due to these reasons, the entire journey from being a student to being a professio...
Passing CA Exam and becoming CA is the dream of every CA Student. The Dream is not only of student but it is of many more associated with him/her like Parents, Relatives, Friends, Teachers, Neighbors, GF, BF, Spouse and Rivals too (Rivals prey for their failure). For fulfilling this dream Students do hard work day and night, study late, prepares notes, do brain storming and many more uncounted efforts but few of them able to crack the same. Why? A Student asked from himself/herself after result...
One Life…….Many Struggles A lot of people already predicted that this article is related to their own lives because they can easily relate themselves with the word in heading above “Struggles” Actually, the reason behind writing this article is just to pen down my own view on this word because I am suffering with this word too. Yesterday, I was talking to my friend and was telling her about my family, and then suddenly I told her “I lived a life full of struggl...
Comments