Limited Liability Partnership (LLP) Notes

A set of vocabulary flashcards covering the basic framework, schedules, and membership requirements of the Limited Liability Partnership Act of 2008.

Limited Liability Partnership Act Applicability

Applicable to the whole of India in $2008$.

LLP Act Structure

The act consists of $81$ sections and $4$ schedules.

Schedule 1

Focuses on the mutual rights and duties of partners.

Schedule 2

Deals with the conversion of a Firm to an LLP.

Schedule 3

Deals with the conversion of a Private Company (Pvt. Co) to an LLP.

Schedule 4

Deals with the conversion of a Listed Public Company (Listed Pub.co) to an LLP.

Section 6 (Minimum No. of Partners)

Specifies a minimum of $2$ partners for an LLP.

Maximum Number of Partners

There is no limit to the maximum number of partners in an LLP.