Designated partner eligibility: company secretaries may serve as LLP designated partners for attestation services, with passive partner limits. Company Secretaries may serve as designated partners of LLPs whose objects include attestation services, regardless of substantial interest, and may act as passive partners in LLPs engaged in other businesses provided they do not hold substantial interest. Attestation services include Secretarial Audit and Certification of Annual Return. A passive partner must not be designated, may contribute capital and share profits, and must not take part in management or act as agent; specific activities (enforcing LLP agreement rights, attending meetings, approving accounts, voting on partner-level transactions) do not constitute management. Substantial interest is defined as entitlement to not less than 25% of profits.
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.
Designated partner eligibility: company secretaries may serve as LLP designated partners for attestation services, with passive partner limits.
Company Secretaries may serve as designated partners of LLPs whose objects include attestation services, regardless of substantial interest, and may act as passive partners in LLPs engaged in other businesses provided they do not hold substantial interest. Attestation services include Secretarial Audit and Certification of Annual Return. A passive partner must not be designated, may contribute capital and share profits, and must not take part in management or act as agent; specific activities (enforcing LLP agreement rights, attending meetings, approving accounts, voting on partner-level transactions) do not constitute management. Substantial interest is defined as entitlement to not less than 25% of profits.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
