LLP Act · 3
LLP to be a body corporate
An LLP is a body corporate formed and incorporated under the Act, a legal entity separate from its partners, with perpetual succession.
Library
Civil & Commercial
Limited Liability Partnership Act, 2008
2008 · Ministry of Corporate Affairs · 81 sections
Creates the LLP — a body corporate with perpetual succession whose partners have limited liability — and regulates incorporation, partners' relations, designated partners, and winding up.
Most-invoked sections
LLP Act · 7
Designated partners
Every LLP shall have at least two designated partners who are individuals, at least one of whom is resident in India; they are responsible for compliance.
LLP Act · 27
Extent of liability of LLP
The LLP is liable for the wrongful act or omission of a partner in the course of business, but not bound by an unauthorised act where the third party knew of the lack of authority.
LLP Act · 28
Extent of liability of partner
A partner is not personally liable for an obligation of the LLP solely by reason of being a partner; liability is limited to the partner's own wrongful acts.
LLP Act · 23
Relationship of partners
Mutual rights and duties are governed by the LLP agreement; in its absence, the First Schedule applies.
The text shown is a working summary used inside Nyaya for grounding and UI preview. For verbatim reproduction, refer to the bare Act published on indiacode.nic.in.