Question
Which statement about a designated partner in the context of a Limited Liability Partnership is not true?
Solution
LLP Act Section 7 In a Limited Liability Partnership there must be at least two designated partners, both of whom must be individuals, with at least one being a resident in India . The LLP agreement can specify the designated partners, or they can be chosen from among the partners. Before becoming a designated partner, an individual must give their consent to the LLP. The LLP must file the particulars of each designated partner with the registrar within 30 days of their appointment. Designated partners must also obtain a Designated Partner Identification Number from the Central Government.
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