Under Section 7 of the Limited Liability Partnership Act 2008, what is the minimum statutory requirement for designated partners in an LLP?
Answer and explanation
Correct answer: D. At least two designated partners, of whom at least one must be resident in India
- Step 1: Refer to Section 7(1) of the Limited Liability Partnership Act 2008.
- Step 2: Every LLP must have at least two designated partners who are individuals.
- Step 3: At least one of them must be a person resident in India (having stayed in India for not less than 120 days during the financial year).
Answer
At least two designated partners, of whom at least one must be resident in India.
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