Partners are persons (whether natural or artificial) who have subscribed their name to the incorporation document and further any new person can be admitted to the LLP as per the provisions of LLP Agreement. The LLP Act 2008 defines the term partner under Section 2(q) as “Partner”, in relation to a limited liability partnership, as any person who becomes a partner in the Limited Liability Partnership in accordance with the Limited Liability Partnership Agreement. Who can be a Partner? There should be atleast 2 persons (natural or artificial) required to form a LLP. In case any Body Corporate is a partner, than it will be required to nominate any person (natural) as its nominee for the purpose of the LLP. Following can become a partner in the LLP:a) Company incorporated in and outside India
b) LLP incorporated in & outside India
c) Individuals resident in & outside India The Government of India has not yet notified the policy for Foreign Direct Investment by Individuals resident in & outside India in LLP form of business and therefore, till the date policy is announced, such persons cannot form a LLP in India.Role of Partner Section 26 defines the role of partner and states that, every partner of a Limited Liability Partnership is, for the purpose of the business of the Limited Liability Partnership, the agent of the Limited Liability Partnership, but not of other partners. It means that the relation of principal and agent is only between the LLP & its partners and not between the partners per se. Rights of Partners Partners regarding the rights are alike the Partners in the traditional Partnership Firm. Partners have the right to participate in the management of the LLP though they are not entitled to any remuneration for participating in the management of LLP unless otherwise provided in the LLP Agreement. The partners would be entitled to share equal profits in the LLP or as may be provided by LLP agreement. The rights of a partner to a share of the profits and losses of the limited liability partnership and to receive distributions in accordance with the Limited Liability Partnership agreement To know more on above topic & LLP in India , log on to www.llponline.in Our Services: LLP Formation/Registration, Procuring DPIN & Digital Signature, Drafting LLP Agreement, Converting existing business into LLP, Business set-up services and plethora of other services

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