Respected Sir / Madam,
I need guidance on following issues
In LLP, there are two designated partners (Individual) Mr. A and Mr. B. Further Mr. A is also trustee of a Private Discretionary Trust.
Is there any provision or rules as per LLP Act, that any Partner of the LLP, who is also a trustee of Private discretionary trust, can assign his share/interest in the LLP, and transfer to Private Discretionary Trust, act as representative Partner of the LLP.
Please guide me on with short write up with provision of LLP Act, one designated Partner of LLP, who is Trustee of Private discretionary trust, can Act representative Partner of the LLP. There is Income tax Assessment proceeding is going on in Private discretionary trust
Thanks
TaxTMI