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The Limited Liability Partnership Act `2009

An Act to make provisions for the formation and regulation of limited liability partnerships and for matters connected therewith or incidental thereto.
2009
List of Chapters & Sections

  1. PRELIMINARY

  2. 1
     Short title, extent and commencement
  3. 2
     Definitions

  • NATURE OF LIMITED LIABILITY PARTNERSHIP

  • 3
     Limited liability partnership to be body corporate
  • 4
     Non-applicability of the Indian Partnership Act, 1932
  • 5
     Partners
  • 6
     Minimum number of partners
  • 7
     Designated partners
  • 8
     Liabilities of designated partners
  • 9
     Changes in designated partners
  • 10
     Punishment for contravention of sections 7, 8 and 9

  • INCORPORATION OF LIMITED LIABILITY PARTNERSHIP AND MATTERS INCIDENTAL THERETO

  • 11
     Incorporation document
  • 12
     Incorporation by registration
  • 13
     Registered office of limited liability partnership and change therein
  • 14
     Effect of registration
  • 15
     Name
  • 16
     Reservation of name
  • 17
     Change of name of limited liability partnership
  • 18
     Application for direction to change name in certain circumstances
  • 19
     Change of registered name
  • 20
     Penalty for improper use of words "limited liability partnership" or "LLP"
  • 21
     Publication of name and limited liability

  • PARTNERS AND THEIR RELATIONS

  • 22
     Eligibility to be partners
  • 23
     Relationship of partners
  • 24
     Cessation of partnership interest
  • 25
     Registration of changes in partners

  • EXTENT AND LIMITATION OF LIABILITY OF LIMITED LIABILITY PARTNERSHIP AND PARTNERS

  • 26
     Partner as agent
  • 27
     Extent of liability of limited liability partnership
  • 28
     Extent of liability of partner
  • 29
     Holding out
  • 30
     Unlimited liability in case of fraud
  • 31
     Whistle blowing

  • CONTRIBUTIONS

  • 32
     Form of contribution
  • 33
     Obligation to contribute

  • FINANCIAL DISCLOSURES

  • 34
     Maintenance of books of account, other records and audit, etc
  • 35
     Annual return
  • 36
     Inspection of documents kept by Registrar
  • 37
     Penalty for false statement
  • 38
     Power of Registrar to obtain information
  • 39
     Compounding of offences
  • 40
     Destruction of old records
  • 41
     Enforcement of duty to make returns, etc

  • ASSIGNMENT AND TRANSFER OF PARTNERSHIP RIGHTS

  • 42
     Partner's transferable interest

  • INVESTIGATION

  • 43
     Investigation of the affairs of limited liability partnership
  • 44
     Application by partners for investigation
  • 45
     Firm, body corporate or association not to be appointed as inspector
  • 46
     Power of inspectors to carry out investigation into affairs of related entities, etc
  • 47
     Production of documents and evidence
  • 48
     Seizure of documents by inspector
  • 49
     Inspector's report
  • 50
     Prosecution
  • 51
     Application for winding up of limited liability partnership
  • 52
     Proceedings for recovery of damages or property
  • 53
     Expenses of investigation
  • 54
     Inspector's report to be evidence

  • CONVERSION INTO LIMITED LIABILITY PARTNERSHIP

  • 55
     Conversion from firm into limited liability partnership
  • 56
     Conversion from private company into limited liability partnership
  • 57
     Conversion from unlisted public company into limited liability partnership
  • 58
     Registration and effect of conversion

  • FOREIGN LIMITED LIABILITY PARTNERSHIPS

  • 59
     Foreign limited liability partnerships

  • COMPROMISE, ARRANGEMENT OR RECONSTRUCTION OF LIMITED LIABILITY PARTNERSHIPS

  • 60
     Compromise, or arrangement of limited liability partnerships
  • 61
     Power of Tribunal to enforce compromise or arrangement
  • 62
     Provisions for facilitating reconstruction or amalgamation of limited liability partnerships

  • WINDING UP AND DISSOLUTION

  • 63
     Winding up and dissolution
  • 64
     Circumstances in which limited liability partnership may be wound up by Tribunal
  • 65
     Rules for winding up and dissolution

  • MISCELLANEOUS

  • 66
     Business transactions of partner with limited liability partnership
  • 67
     Application of the provisions of the Companies Act
  • 68
     Electronic filing of documents
  • 69
     Payment of additional fee
  • 70
     Enhanced punishment
  • 71
     Application of other laws not barred
  • 72
     Jurisdiction of Tribunal and Appellate Tribunal
  • 73
     Penalty on non-compliance of any order passed by Tribunal
  • 74
     General penalties
  • 75
     Power of Registrar to strike defunct limited liability partnership off register
  • 76
     Offences to limited liability partnerships
  • 77
     Jurisdiction or Court
  • 78
     Power to alter Schedules
  • 79
     Power to make rules
  • 80
     Power to remove difficulties
  • 81
     Transitional provisions