Ch 4 · Limited Liability Partnership Act, 2008

5 concept points · 0 formulas · 4 exam-critical points.

⭐ Important points (exam-critical)

• ⭐Differences vs Partnership: separate entity, limited liability, perpetual succession, no max partner limit.
• ⭐Default: LLP Agreement absent → First Schedule applies (equal profits, no interest on capital, etc.).
• ⭐Conversion to LLP from firm/private co/unlisted public co allowed under Schedules II-IV.
• ⭐Designated Partner Identification Number (DPIN) mandatory for designated partners.