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Q. > Please Help: CA a member of LLP
I am a practicing CA. Can I become a partner/ designated partner of a non-professional LLP of the family. It is purely a family business LLP.Please advise
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SARTHAK JAIN
08-Apr-2014 , 10:46:08 pmIn accordance with the resolution passed by the Council of ICAI under regulation 190A of the CA Regulations 1988, you can become partner in such family concern (LLP or not)if interest in such a concern is acquired as a result of relationship (refer definition of relatives under the said regulations)and that you will not take active part in the management of such business. Further, prior and specific consent of the council is required to be obtained in this regard. As far as being a designated partner is concerned, I believe that since under section 8 of LLP Act, designated partners are responsible for complying various norms therein, it may amount to taking active part in management. So, I think only sleeping/dormant partner is the option left to choose.