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Limited Liability Partnership Act, 2008


Section 27 - Extent of liability of limited liability partnership

1.     A limited liability partnership is not bound by anything done by a partner in dealing with a person if--

a.     the partner in fact has no authority to act for the limited liability partnership in doing a particular act; and

b.    the person knows that he has no authority or does not know or believe him to be a partner of the limited liability partnership.

2.     The limited liability partnership is liable if a partner of a limited liability partnership is liable to any person as a result of a wrongful act or omission on his part in the course of the business of the limited liability partnership or with its authority.

3.     An obligation of the limited liability partnership whether arising in contract or otherwise, shall be solely the obligation of the limited liability partnership.

4.     The liabilities of the limited liability partnership shall be met out of the property of the limited liability partnership.



Limited Liability Partnership Act, 2008 Back




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