Hindu Undivided Family membership in LLP: HUF or its karta cannot serve as partner or designated partner. The Ministry of Corporate Affairs clarifies that, under the LLP Act, only an individual or a body corporate may be a partner; a HUF is not a body corporate. Therefore, a HUF or its Karta cannot be admitted as a partner or serve as a designated partner in a Limited Liability Partnership.
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.
Hindu Undivided Family membership in LLP: HUF or its karta cannot serve as partner or designated partner.
The Ministry of Corporate Affairs clarifies that, under the LLP Act, only an individual or a body corporate may be a partner; a HUF is not a body corporate. Therefore, a HUF or its Karta cannot be admitted as a partner or serve as a designated partner in a Limited Liability Partnership.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.