LLP

[GYAN JAIN]

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

AI Summary

Joint Venture Between Firm and Public Company Cannot Form LLP Under Section 5 of LLP Act, 2008. A query was raised regarding whether a joint venture between a partnership firm and a public limited company can incorporate or convert into a Limited Liability Partnership (LLP). The response clarified that according to Section 5 of the Limited Liability Partnership Act, 2008, only individuals and body corporates can be partners in an LLP. A body corporate is defined as a company under Section 3 of the Companies Act, 1956.