Section 3 of the Limited Liability Partnership Act, 2008 says that a limited liability partnership is a body corporate formed and incorporated under the said Act and is a legal entity separate from that of the partners. Section 14 of the said Act provides that on registration, a limited liability partnership shall, by its name, be capable of suing and being sued.
Under the provisions of the L.L.P. Act, once a partnership firm or a company converts into a limited liability partnership then on and from the date of registration specified in the registration of certificate, all tangible (movable or immovable) and intangible property vested in the firm or the company and all assets, interests, rights, privileges. liabilities, obligations relating to the firm or the company and also the whole of the undertaking of the firm or the company shall be transferred to and shall vest in the limited liability partnership without any further assurance act or deed. Such provisions have been specifically provided in Section 58(4)(b) of the L.L.P. Act and paragraph 7 (b) of the Second Schedule. Thus, the transactions already concluded or midway of the partnership firm prior to its conversion into the limited liability partnership would stand transferred to limited liability partnership from the date of the registration. It is only the limited liability partnership which is competent to carry on the concluded transactions or complete the unfinished transactions of the firm after the conversion on and from the date of registration of the limited liability partnership.
The Limited Liability Partnership Act, 2008
| Reference No | Date | Description |
|---|---|---|
 Â General Circular No. 07/2016 (204 KB) |
31.05.2016 | Relaxation of additional fees and extension of time and filing of e-Forms by the Companies under Companies Act, 2013 and for filing of Annual Return (Form 11) by the LLPs under the Limited Liability Partnership Act, 2008 |
| Â General Circular No. 37/2014 (182 KB) |
14.10.2014 | Clarification with regard to Trust/trustee as a partner in the Limited Liability Partnerships (LLPS). |
| Â General Circular No. 02/2014 (33 KB) |
11.02.2014 | Use of word ‘National’ in the names of Companies or Limited Liability Partnerships (LLPs) |
| Â General Circular No. 13/2013 (466 KB) |
29.07.2013 | Whether Hindu Undivided Familv (HUF) / its Karta can become partner Designated Partner (DPl in Limited Liabilitv Partnership (LLP). |
| Â General Circular No. 9/2013 (924 KB) |
30.04.2013 | Conversin of firm into a Limited Liability Partnership – Clarification |
| Â General Circular No. 15/2012 (232 KB) |
29.06.2012 | Extension of time in Filing of annual return by Limited Liability Partnerships(LLPs) |
| Reference No | Date | Description |
|---|---|---|
| Â G.S.R. 786(E) (876 KB) |
15.10.2015 | Limited Liability Partnership (Amendment) Rules 2015 |
| Â G.S.R.333(E) (200 KB) |
29.04.2015 | Applicability of Section 458 of Companies Act, 2013 to LLP |
| Â G.S.R.692(E) (103 KB) |
14.09.2012 | Limited Liability Partnership(Second Amendmentment)Rules,2012 |
| Â G.S.R. 550 (E) (8 MB) |
10.07.2012 | Limited Liability Partnership (Winding up and Dissolution) Rules, 2012 |
| Â G.S.R.549(E) (305 KB) |
10.07.2012 | Amendments to SO 891 (E) dated 31st Mar 2009 |
| Â G.S.R. 485 (E) (18 KB) |
21.06.2012 | Corrigendum to LLP notification dated 05.06.2012 |