LLP

[GYAN JAIN]

Can Joint Venture of A Prtnership Firm and Public Limited co Incorporate or convert in LLP

[Rama Krishana]

See section 5 of the Limited Liability partnership act, 2008, only individual and body corporate can be the partners in a LLP. Further a body corporate means - "body corporate" means a company as defined in section 3 of the Companies Act, 1956 - see also section 2 of the LLP

AI Summary

Limited Liability Partnership partner eligibility restricts partners to individuals and body corporate, excluding partnership firms. Whether a joint venture composed of a partnership firm and a public limited company may incorporate or convert into a Limited Liability Partnership centers on partner eligibility: only individuals and body corporate may be partners; a body corporate is defined by reference to the company definition in the Companies Act, and a partnership firm is not listed as an eligible partner.