miscellaneous issues in LLP

Management of LLP

Day to day operations of Limited Liability Partnership will be managed by Designated Partners, who are responsible for ensuring the compliances of all applicable laws.

Limited Liability Partnership is managed as per the LLP Agreement, however in the absence of such agreement the LLP would be governed by the framework provided in Schedule 1 of Limited Liability Partnership Act, 2008 which describe the matters relating to mutual rights and duties of partners of the LLP and of the limited liability partnership and its partners.

 Capital Contribution to LLP

Unlike in the case of a company, there is no requirement for minimum capital contribution for a LLP. However, the registration cost for LLP is determined on the basis of amount of contribution.

 FDI in LLP

The Government of India has not notified the policy for Foreign Direct Investment in LLP.

 Reservation of Name by a LLP registered out side India

A foreign LLP or a foreign company can reserve its existing name by which it is registered in the country of its incorporation by making an application to Ministry of Corporate Affairs. The reservation will be valid initially for three years and is renewable thereafter.

 Branch office of Foreign LLP

A LLP registered outside India can establish an office in India and has to comply wit the provisions of LLP Act 2008.