{“@context”:”https://schema.org”,”@type”:”BlogPosting”,”headline”:”LLP Act 2008: Key Provisions Every Partner Should Know”,”description”:”A guide to the Limited Liability Partnership Act 2008 — key sections, partner liability protections, designated partner responsibilities, winding up provisions, and what the Act changed from the Partnership Act 1932.”,”author”:{“@type”:”Person”,”name”:”CA Madhusmita Padal”},”publisher”:{“@type”:”Organization”,”name”:”Tradeviser”},”datePublished”:”2026-09-27″,”inLanguage”:”en-IN”,”mainEntityOfPage”:{“@type”:”WebPage”,”@id”:”https://tradeviser.com/llp-act-2008/”}}

{“@context”:”https://schema.org”,”@type”:”FAQPage”,”mainEntity”:[{“@type”:”Question”,”name”:”When was the LLP Act enacted in India?”,”acceptedAnswer”:{“@type”:”Answer”,”text”:”The Limited Liability Partnership Act 2008 received Presidential assent on January 7, 2009, and came into force on April 1, 2009. The LLP Rules 2009 were notified on April 1, 2009, along with the Act.”}},{“@type”:”Question”,”name”:”What is the liability of a partner under the LLP Act 2008?”,”acceptedAnswer”:{“@type”:”Answer”,”text”:”Under the LLP Act 2008, a partner’s liability is limited to their agreed contribution. A partner is not personally liable for the acts of other partners or for the debts and obligations of the LLP arising from other partners’ wrongful acts. However, a partner who commits fraud or misconduct remains personally liable for those specific acts.”}},{“@type”:”Question”,”name”:”Who are designated partners under the LLP Act?”,”acceptedAnswer”:{“@type”:”Answer”,”text”:”Every LLP must have at least two designated partners. They are responsible for regulatory compliance — filing annual returns, financial statements, and other forms with MCA21. Section 8 of the LLP Act lays down that designated partners are personally liable for penalties for non-compliance by the LLP.”}},{“@type”:”Question”,”name”:”Can a company be a partner in an LLP?”,”acceptedAnswer”:{“@type”:”Answer”,”text”:”Yes — a body corporate (including a private limited company, public company, or another LLP) can be a partner in an LLP. However, a body corporate cannot be a designated partner — only individuals can hold the designated partner designation.”}},{“@type”:”Question”,”name”:”What are the grounds for winding up an LLP under the Act?”,”acceptedAnswer”:{“@type”:”Answer”,”text”:”An LLP can be wound up under Section 63–65 of the LLP Act 2008 by: (1) the LLP resolving to wind up voluntarily, (2) the NCLT ordering winding up on specified grounds — inability to pay debts, just and equitable cause, etc., or (3) the Registrar striking off the LLP under Section 75 for non-filing.”}}]}

{“@context”:”https://schema.org”,”@type”:”HowTo”,”name”:”Key Sections of the LLP Act 2008″,”step”:[{“@type”:”HowToStep”,”position”:1,”name”:”Section 3 — LLP as a body corporate”,”text”:”An LLP is a body corporate — a separate legal entity with perpetual succession, capable of suing and being sued.”},{“@type”:”HowToStep”,”position”:2,”name”:”Section 8 — Designated Partners”,”text”:”Every LLP must have at least 2 designated partners. They are responsible for all regulatory compliances.”},{“@type”:”HowToStep”,”position”:3,”name”:”Section 23 — LLP Agreement”,”text”:”The mutual rights and duties of the LLP and its partners are governed by the LLP Agreement.”},{“@type”:”HowToStep”,”position”:4,”name”:”Section 27 — Partner not personally liable”,”text”:”A partner is not liable for the acts of the LLP or another partner — only for their own wrongful acts.”},{“@type”:”HowToStep”,”position”:5,”name”:”Section 34 — Accounts and audit”,”text”:”LLPs must maintain proper accounts; audit is mandatory if turnover exceeds ₹40L or contribution exceeds ₹25L.”},{“@type”:”HowToStep”,”position”:6,”name”:”Section 35 — Annual return”,”text”:”Every LLP must file an Annual Return (Form 11) with the Registrar within 60 days of the close of financial year.”}]}

CA Madhusmita Padal

CA Madhusmita Padal is a Practicing Chartered Accountant with firms based in Odisha and Chennai. She specializes in taxation, company law, and auditing. She is passionate about simplifying complex concepts and making knowledge accessible to all.