Who may become a partner in a limited liability partnership under section 5 of the Limited Liability Partnership Act, 2008?
Question and options
Who may become a partner in a limited liability partnership under section 5 of the Limited Liability Partnership Act, 2008?
Any individual or any body corporate, whether Indian or foreign
Individuals only, at least one of them resident in India
Any individual, partnership firm or body corporate
Any individual, body corporate or Hindu undivided family
Answer and explanation
Section 5 of the Limited Liability Partnership Act, 2008 allows any individual or body corporate to be a partner, and section 2(1)(d) includes companies and LLPs incorporated outside India within body corporate. A Hindu undivided family and an ordinary partnership firm are neither, and the residence rule in section 7 applies to designated partners, not to partners in general.
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