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Limited Liability Partnership Act, 2008

No.6 of 2009 [7th January 2008]

Contents

Particulars

 

Preamble

Chapter I

Preliminary

1.

Short title, extent and commencement

2.

Definitions

Chapter II

Nature of Limited Liability Partnership

3.

Limited liability partnership to be body corporate

4.

Non-applicability of the Indian Partnership Act, 1932

5.

Partners

6.

Minimum number of partners

7.

Designated partners

8.

Liabilities of designated partners

9.

Changes in designated partners

10.

Punishment for contravention of sections 7, 8 and 9

Chapter III

Incorporation of Limited Liability Partnership and Matters Incidental Thereto

11.

Incorporation document

12.

Incorporation by registration

13.

Registered office of limited liability partnership and change therein

14.

Effect of registration

15.

Name

16.

Reservation of name

17.

Change of name of limited liability partnership

18.

Application for direction to change name in certain circumstances

19.

Change of registered name

20.

Penalty for improper use of words "limited liability partnership" or "LLP"

21.

Publication of name and limited liability

Chapter IV

Partners and Their Relations

22.

Eligibility to be partners

23.

Relationship of partners

24.

Cessation of partnership interest

25.

Registration of changes in partners

Chapter V

Extent and Limitation of Liability of Limited Liability Partnership and Partners

26.

Partner as agent

27.

Extent of liability of limited liability partnership

28.

Extent of liability of partner

29.

Holding out

30.

Unlimited liability in case of fraud

31.

Whistle blowing

Chapter VI

Contributions

32.

Form of contribution

33.

Obligation to contribute

Chapter VII

Financial Disclosures

34.

Maintenance of books of account, other records and audit, etc.

35.

Annual return

36.

Inspection of documents kept by Registrar

37.

Penalty for false statement

38.

Power of Registrar to obtain information

39.

Compounding of offences

40

Destruction of old records

41.

Enforcement of duty to make returns, etc.

Chapter VIII

Assignment and Transfer of Partnership Rights

42.

Partner's transferable interest

Chapter IX

Investigation

43.

Investigation of the affairs of limited liability partnership

44.

Application by partners for investigation

45.

Firm, body corporate or association not to be appointed as inspector

46.

Power of inspectors to carry out investigation into affairs of related entities, etc.

47.

Production of documents and evidence

48.

Seizure of documents by inspector

49.

Inspector's report

50.

Prosecution

51.

Application for winding up of limited liability partnership

52.

Proceedings for recovery of damages or property

53.

Expenses of investigation

54.

Inspector's report to be evidence

Chapter X

Conversion Into Limited Liability Partnership

55.

Conversion from firm into limited liability partnership

56.

Conversion from private company into limited liability partnership

57.

Conversion from unlisted public company into limited liability partnership

58.

Registration and effect of conversion

Chapter XI:

Foreign Limited Liability Partnerships

59.

Foreign limited liability partnerships

Chapter XII

Compromise, Arrangement or Reconstruction of Limited Liability Partnerships

60.

Compromise, or arrangement of limited liability partnerships

61.

Power of Tribunal to enforce compromise or arrangement

62.

Provisions for facilitating reconstruction or amalgamation of limited liability partnerships

Chapter XIII

Winding Up and Dissolution

63.

Winding up and dissolution

64.

Circumstances in which limited liability partnership may be wound up by Tribunal

65.

Rules for winding up and dissolution

Chapter XIV

Miscellaneous

66.

business transactions of partner with limited liability partnership

67.

Application of the provisions of the Companies Act

68.

Electronic filing of documents

69.

Payment of additional fee

70.

Enhanced punishment

71.

Application of other laws not barred

72.

Jurisdiction of Tribunal and Appellate Tribunal

73.

Penalty on non-compliance of any order passed by Tribunal

74.

General penalties

75.

Power of Registrar to strike defunct limited liability partnership off register

76.

Offences to limited liability partnerships

77.

Jurisdiction of Court

78.

Power to alter Schedules

79.

Power to make rules

80.

Power to remove difficulties

81.

Transitional provisions

Schedule

First Schedule

 

Second Schedule

 

Third Schedule

 

Fourth Schedule

 

An Act to make provisions for the formation and regulation of limited liability partnerships and for matters connected therewith or incidental thereto. BE it enacted by Parliament in the Fifty-ninth Year of the Republic of India as follows:-



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