What are the duties of Designated Partner of LLP?
CS Executive · Setting up of Business Entities and Closure · PYQS · December 2020
What are the duties of Designated Partner of LLP?
Answer & Explanation:
The LLP Agreement must specify the various rights and duties of the Designated Partners as may be mutually agreed by them. In the absence of such separate agreement between the partners about such rights and duties, etc., the provisions of Schedule I of the Limited Liability Partnership Act, 2008 will apply as prescribed in Section 23(4) of the said Act. Duties of Designated Partner The Designated Partner shall devote their whole time and attention to the said partnership business diligently and faithfully by employing themselves in it, and carry on the business for the greatest advantage of the partnership. The Designated Partners shall be responsible for the doing of all acts, matters and things as are required to be done by the LLP in respect of compliance of the provisions of the Limited Liability Partnership Act, 2008, including filing of any document, return, statement and the like report etc. They shall protect the property and assets of the LLP. Upon every reasonable request, they shall inform the other partners of all letters, writings and other things which shall come to their hands or knowledge concerning the business of the LLP. They shall punctually pay their separate debts to the LLP. The Designated Partners shall be responsible for the doing of all such other acts arising out of LLP Agreement.
Topics: Business Structures
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