Limited liability partnership form: limited partner liability and partnership flexibility with statutory governance and conversion mechanisms. Creates the Limited Liability Partnership as a separate corporate entity with perpetual succession where partners' liability is limited to agreed contributions except for fraud; mutual rights are governed by partnership agreement subject to statutory defaults; requires at least two partners and two Designated Partners (one resident in India); mandates annual accounts, filing of statement of accounts and solvency, and audit subject to exemptions; empowers government inspections and limited application of Companies Act provisions; allows conversion, merger, amalgamation and prescribed winding up procedures.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Limited liability partnership form: limited partner liability and partnership flexibility with statutory governance and conversion mechanisms.
Creates the Limited Liability Partnership as a separate corporate entity with perpetual succession where partners' liability is limited to agreed contributions except for fraud; mutual rights are governed by partnership agreement subject to statutory defaults; requires at least two partners and two Designated Partners (one resident in India); mandates annual accounts, filing of statement of accounts and solvency, and audit subject to exemptions; empowers government inspections and limited application of Companies Act provisions; allows conversion, merger, amalgamation and prescribed winding up procedures.
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